MIRA
INFORM REPORT
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Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
PREMINCO
LIMITED |
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Registered Office : |
LOB 5, Jebel Ali Free Zone, PO Box:
17938, Dubai,
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
07.05.2006 |
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Legal Form : |
Mouassasat Al Mintaka Al Horra
(Free Zone Establishment - FZE) |
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Line of Business : |
Importer and Distributors of minerals, ores and other mined 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 : |
B |
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Payment Behaviour : |
New
Company |
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Litigation : |
Clear |
SUMMARY
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Company Name |
PREMINCO LIMITED |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
7th May 2006 |
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Trade Licence Number |
6925 |
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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 |
5 |
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Line of Business |
Distributors of minerals, ores and other mined products. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
PREMINCO
LIMITED
ADDRESS
Registered & Physical
Address
Location : LOB 5
Area : Jebel Ali Free Zone
PO Box : 17938
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8814025
Facsimile : (971-4) 8814072
Email : pasupathy.pv@shalina.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
·
Fazle
Abbas Virji Managing
Director
·
P V
Pasupathy Commercial
Manager
·
M
Noel Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th May 2006
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 6925
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Fazle
Abbas Virji 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations
: Engaged
in the import and distribution of minerals, ores and other mined products.
Import
Countries : Europe and GCC countries.
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
Dubai
Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
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 Dubai 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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