MIRA INFORM REPORT
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Report Date : |
16.03.2006 |
IDENTIFICATION DETAILS
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Name : |
PROMPT
BUSINESS INTERNATIONAL |
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Registered Office : |
Sheikh Zayed Road, Jebel
Ali Free Zone, P. O. Box 17602, Dubai, United Arab Emirates |
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Date of Incorporation : |
5th
May 2004 |
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Legal Form : |
Branch
of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import and
distribution of office equipment, electrical products and related spare
parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 80,000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PROMPT BUSINESS INTERNATIONAL
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 5th May 2004
Trade Licence Number : 3976
Membership Number : 86312
Total Workforce : 4
Line of Business : Distributors of office equipment, electrical
products and related spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
PROMPT BUSINESS INTERNATIONAL
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17602
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836406
Facsimile : (971-4) 8836405
Email : prompt@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Shahida Shabu General Manager
LEGAL FORM & OWNERS
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Date of Establishment |
5th May 2004 |
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Legal Form |
Subject is the United Arab Emirates registered branch of Prompt Business Group Inc, a Limited Liability Company incorporated in the British Virgin Islands. |
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Prompt Business International in the United Arab Emirates, operates as a Branch of a Foreign Registered Corporation. |
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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. |
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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. |
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Trade License No. |
3976 |
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Membership No. |
86312 |
LINE OF BUSINESS
Operations
Engaged in the import and distribution of office equipment,
electrical products and related spare parts.
Import Countries
Europe and GCC countries.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/05 :
Total Revenue UAE Dh 2,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 15,000,000:
Established in 2004, subject is involved in the import and
distribution of office equipment, electrical products and related spare parts.
Any credit amount that is to be offered to this company should be written under the name of “Prompt Business Group Inc” and directed to the companies head office address in the British Virgin Islands..
Maximum suggested credit figure: US$ 80,000
RATING EXPLANATIONS
RATING
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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 |