MIRA
INFORM REPORT
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Report Date : |
28th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
TRENDZ INTERNATIONAL FZC |
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Registered Office : |
Ajman
Free Zone, PO Box : 14820, Ajman, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
12.10.2004 |
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Legal Form : |
Free
Zone Company - FZC |
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Line of Business : |
Importer
and Distributors of ready made garments. |
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 |
TRENDZ INTERNATIONAL FZC |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Free Zone Company - FZC |
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Registration Date |
12th October 2004 |
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Trade Licence Number |
1644 |
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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 ready made garments. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
TRENDZ
INTERNATIONAL FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone
PO Box : 14820
Town : Ajman
Country : United Arab Emirates
Mobile : (971-50) 3520411 / 3838773
Premises
Subject
operates from a small suite of offices that are owned and located in the Ajman
Free Zone.
KEY PRINCIPALS
·
Nittin
Kulaschanda Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 12th October 2004
Legal Form : Free Zone Company - FZC
Trade Licence No. : 1644
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Nittin
Kulaschanda 100%
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 ready made garments.
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 31/12/05 :
Total
Revenue UAE Dh
3,280,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
HSBC
Bank Middle East
Main Branch
Ajman
Tel :
(971-6) 5537222
Fax :
(971-6) 5537880
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2004, subject is involved in the import and distribution of ready made
garments.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed 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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