MIRA
INFORM REPORT
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Report Date : |
24th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
PALMY FZC |
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Registered Office : |
Ajman Free Zone 6560, Ajman United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
1st May 2005 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Distributors of oilfield equipment and related spare parts. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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$ 40,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
PALMY FZC |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Free Zone Company - FZC |
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Registration Date |
1st May 2005 |
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Trade Licence Number |
02078 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
4 |
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Line of Business |
Distributors of oilfield equipment and related spare parts. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
PALMY FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone
PO Box : 6560
Town : Ajman
Country : United Arab Emirates
Mobile : (971-50) 4819751
Email : palmy@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Ajman Free Zone.
Branch Office (s)
Location Description
PO Box : 44223 Office premises
Dubai
Tel : (971-4) 3539283
Fax : (971-4) 3539284
KEY PRINCIPALS
Pramod Mkharia Managing Director
Anil Sajad General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st May 2005
Legal Form : Free Zone Company - FZC
Trade Licence No. : 02078
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Pramod Mkharia 100%
Note to the Legal Form
A Free Zone Company (FZC) 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 oilfield equipment and related spare
parts.
Import Countries : Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
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 Ajman 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$ 40,000
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 |