MIRA
INFORM REPORT
|
Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
FIBRE
GARDENS TRADING FZC |
|
|
|
|
Registered Office : |
Hamriyah
Free Zone, PO Box: 42024, Sharjah, United Arab Emirates |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
01.03.2006 |
|
|
|
|
Legal Form : |
Free
Zone Company – FZC |
|
|
|
|
Line of Business : |
Importer
and distributor of building materials, fibreglass, GRC materials and safety
materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$
40,000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
FIBRE GARDENS TRADING FZC |
|
Country of Origin |
Sharjah, United Arab Emirates |
|
Legal Form |
Free Zone Company - FZC |
|
Registration Date |
1st March 2006 |
|
Trade Licence Number |
1670 |
|
Issued Capital |
UAE Dh 1,000,000 |
|
Paid up Capital |
UAE Dh 1,000,000 |
|
Total Workforce |
3 |
|
Line of Business |
Distributors of building materials, fibreglass, GRC materials and safety materials. |
|
Financial Condition |
Undetermined |
|
Payments |
Nothing detrimental uncovered |
COMPANY NAME
FIBRE
GARDENS TRADING FZC
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 42024
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5261009
Facsimile : (971-6) 5261008
Mobile : (971-50) 7466531
Email : gardens@eim.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Hamriyah Free Zone of Sharjah.
KEY PRINCIPALS
·
Maratheithil
Hassan Abdulaziz Managing
Director
·
Puthalath
Abdul Saleem Director
LEGAL FORM & OWNERS
Date of Establishment : 1st March 2006
Legal Form : Free Zone Company - FZC
Trade Licence No. : 1670
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
·
Maratheithil
Hassan Abdulaziz
·
Puthalath
Abdul Saleem
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 building materials, fibreglass, GRC materials and
safety materials.
Import
Countries :
Europe and GCC countries.
Subject
has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
Abu
Dhabi Commercial Bank
Mina Road
PO Box : 4377
Sharjah
Tel :
(971-6) 5737000
Fax :
(971-6) 5725331
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$ 40,000
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|