MIRA
INFORM REPORT
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Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
S S TRADERS FZE |
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Registered Office : |
Block
No. 83101, Saif Zone, P. O. Box 8502, Sharjah |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
17th April 2004 |
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Legal Form : |
Free
Zone Establishment – FZE |
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Line of Business : |
Engaged
in the import and distribution of steel pipes and scrap metals. |
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$
100,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
S S TRADERS FZE |
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Country
of Origin |
Sharjah, United Arab Emirates |
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Legal
Form |
Free Zone Establishment - FZE |
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Registration
Date |
17th April 2004 |
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Trade
Licence Number |
02436 |
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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 steel pipes and scrap metals. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
S S TRADERS FZE
ADDRESS
Registered & Physical Address
Location : Block No. 83101, Saif Zone
PO Box : 8502
Town :
Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5572565
Facsimile : (971-6) 5572564
Mobile : (971-50) 6341326
Email : sstfze@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
· Dubai
Tel : (971-4) 3933514 / 3325657 Rented
office premises
Fax : (971-4) 3933874
KEY PRINCIPALS
· Ramish Kumar Managing
Director
· Salim Dandi Director
LEGAL FORM &
OWNERS
Date of Establishment : 17th April 2004
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 02436
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
· Ramish Kumar
100%
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 steel pipes and scrap metals.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05
Total
Revenue UAE
Dh 4,000,000
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
Acc No. 123997-090
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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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