MIRA
INFORM REPORT
|
Report Date : |
18.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
ROLLING
STONE FZE |
|
|
|
|
Registered Office : |
Dubai
Airport Free Zone, West Side, Building W119B, 1st Floor, Office
No. 3, P. O. Box 54475, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
July
2003 |
|
|
|
|
Legal Form : |
Free Zone Establishment – FZE |
|
|
|
|
Line of Business : |
Import
and distribution of diamonds and precious stones. Also deal in computer
equipment, electronic products and communication equipment. |
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$
100,000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Usually
correct |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ROLLING STONE FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : July 2003
Trade Licence Number : 289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Line of Business : Subject operates with a general trade licence
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ROLLING
STONE FZE
ADDRESS
Registered & Physical
Address
Location : Dubai Airport Free Zone, West
Side, Building W119B, 1st Floor, Office No. 3
PO Box : 54475
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2995941
Facsimile : (971-4) 2995942
Email : rolling@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse and a showroom that are
rented and located in the Dubai Airport Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Peter
Lane British Managing Director
·
Manish
Tivedi - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : July 2003
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 289
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
·
Peter
Lane 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: Subject operates with a general
trade licence but specialises in the import and distribution of
diamonds
and precious stones. It does however also deal in computer equipment,
electronic products and communication equipment.
Import
Countries:
Europe and the Far East.
Operating
Trend: Steady
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 31/12/04: Year
Ending 31/12/05:
Total
Revenue UAE Dh
3,280,000 UAE Dh
3,790,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
·
ABN
Amro Bank
Deira Branch
PO Box : 2567
Dubai
Tel : (971-4) 3512200
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Rolling
Stone FZE was established in July 2003 and has made steady progress in the
local business community. It specialises in the import and distribution of
computer equipment, electronic products and communication equipment
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
NOTE
Upon
re-investigation local informants spoke to Mr Peter Lane who declined to
confirm whether the subject had any link with the following company:
Rolling
Stone
Flat D,
6/F, Tower 2, 21 Yau On Street
Lake
View Garden, Shatin
New
Territories
Hong
Kong
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 |
|