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MIRA
INFORM REPORT
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Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
FISHCOVE (BVI) LTD |
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Registered Office : |
Saif
Zone, 8571 Sharjah.
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
2005 |
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Legal Form : |
Branch of a Foreign Registered
Corporation |
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Line of Business : |
Distributors of general foodstuff
products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
US$
30,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
FISHCOVE (BVI) LTD |
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Country of Origin |
British Virgin Islands |
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Legal Form |
Branch of a Foreign Registered Corporation |
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Registration Date |
2005 |
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Total Workforce |
2 |
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Line of Business |
Distributors of general foodstuff products. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
FISHCOVE
(BVI) LTD
ADDRESS
Registered
& Physical Address
Location : Saif Zone
PO Box : 8571
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 7447391
Facsimile : (971-6) 7447392
Email : orientallink@vsnl.net
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Saif Zone Area of Sharjah.
KEY PRINCIPALS
Pramod Ranjan General
Manager
James
Mathew Administration
Manager
LEGAL FORM & OWNERS
Date
of Establishment : 2005
Legal
Form : Subject is the United Arab Emirates
registered branch of Fishcove Ltd, a Limited Liability Company incorporated in
the British Virgin Islands.
Fishcove
(BVI) Ltd in the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
A Branch
of a Foreign Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we strongly advise that any international trade credit should only be written under the name of the main company where the subject holds its registered office, in this case the British Virgin Islands.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of general foodstuff products.
Import
Countries :
Europe and GCC countries.
Subject
has a workforce of 2 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
HSBC
Bank Middle East
PO Box :
25
Sharjah
Tel :
(971-6) 5537222
Fax :
(971-6) 5537880
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Investigations
undertaken in Sharjah did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 30,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |