MIRA
INFORM REPORT
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Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
LOGISTICS
COMPANY LIMITED |
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Registered Office : |
Bank
Building, Ground Floor, Shop No. 25 & 26, Industrial Area, PO Box: 17134,
Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
02.08.1997 |
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Legal Form : |
Branch of a Foreign Registered
Corporation |
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Line of Business : |
Importer
and Distributors of synthetic resins, metals, fibre
glass and Portland cement. |
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$
150,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
LOGISTICS COMPANY LIMITED |
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Country of Origin |
British Virgin Islands |
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Legal Form |
Branch of a Foreign Registered Corporation |
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Registration Date |
2nd August 1997 |
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Trade Licence Number |
1652 |
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Membership Number |
44349 |
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Issued Capital |
UAE Dh 111,000 |
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Paid up Capital |
UAE Dh 111,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of synthetic resins, metals, fibre glass and Portland cement. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LOGISTICS
COMPANY LIMITED
ADDRESS
Registered & Physical Address
Building : Bank Building, Ground Floor, Shop
No. 25 & 26
Area : Industrial Area
PO Box : 17134
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836628
Facsimile : (971-4) 8836674
Email : logistic@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 Dubai.
KEY PRINCIPALS
·
Ghandi
Ashok Kumar General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 2nd August 1997
Legal Form : Subject is the United Arab Emirates registered branch of Logistics
Company
Limited, a Limited Liability Company
incorporated in the British Virgin Islands.
Logistics Company Limited in
the United Arab Emirates, operates as a
Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in
its own right. Responsibility
for payments lays in the hands of the
company where it is originally
registered.
Under these circumstances, we
strongly advise that any
international trade credit
should only be written under the name of
the main company where the
subject holds its registered office, in
this case the British Virgin
Islands.
Trade Licence No. : 1652 (Expires 30th July 2007)
Membership No. : 44349
Issued
Capital : UAE Dh 111,000
Paid
up Capital : UAE Dh 111,000
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of synthetic resins, metals, fibre glass and Portland
cement.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
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 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh
4,700,000 UAE
Dh 5,290,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel :
(971-4) 2256256 / 2256900
Fax :
(971-4) 2268005 / 2267718
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1997, subject is involved in the import and distribution of synthetic
resins, metals, fibre glass and Portland cement.
Any
credit amount that is to be offered to this company should be written under the
name of “Logistics Company Limited” and directed to the companies head office
address in the British Virgin Islands.
Maximum
suggested credit figure: US$ 150,000
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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