MIRA INFORM REPORT
|
Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
|
Name : |
G8
INTERNATIONAL FZE |
|
|
|
|
Registered Office : |
Saif Zone, 8358 Sharjah,
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
26th
June 2003 |
|
|
|
|
Legal Form : |
Free
Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Distributors
of raw materials used in the manufacture of tyres and inner tubes |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
US$ 80,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
G8 INTERNATIONAL FZE |
|
Country of Origin |
Sharjah, United Arab Emirates |
|
Legal Form |
Free Zone Establishment - FZE |
|
Registration Date |
26th June 2003 |
|
Trade Licence Number |
01-01-808 |
|
Issued Capital |
UAE Dh 1,000,000 |
|
Paid up Capital |
UAE Dh 1,000,000 |
|
Total Workforce |
8 |
|
Line of Business |
Distributors of raw materials used in the manufacture of tyres and inner tubes. |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
G8 INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 8358
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5572977
Facsimile : (971-6) 5572978
Mobile : (971-50) 5372398 / 4629630
Email : commercial@geight.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
Samir Kumar Garwavala Managing Director
Anwar Basha Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th June 2003
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone
Establishment - FZE)
Trade Licence No. : 01-01-808
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Rubber King Tyre 100%
India
Note to the Legal Form
A Free Zone Establishment (FZE) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51% equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the import and distribution
of raw materials used in the manufacture of tyres and inner tubes.
Import Countries : Europe and India.
Operating Trend : Steady
Subject has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue UAE Dh 4,130,000 UAE Dh 4,290,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Bank of Baroda
Al Arouba Street
PO Box : 1671
Sharjah
Tel : (971-6) 5354231
Fax : (971-6) 5543025
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 2003, subject is involved in the import and
distribution of raw materials used in the manufacture of tyres and inner tubes.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.
The above credit figure is higher than transactions previously seen and a measure of caution would be prudent.
Maximum suggested credit figure: US$ 80,000
RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |