MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NICO INTERNATIONAL (FUJAIRAH) LTD |
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Registered Office : |
Fujairah
Seaport, Plot-I, P O Box
2825, Fujairah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1980 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
provision of underwater marine services |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : NICO INTERNATIONAL (FUJAIRAH) LTD
Also Known As : NICO INTERNATIONAL HYDROSPACE
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 1980
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 200
Line of Business : Provision of underwater marine services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
NICO INTERNATIONAL (FUJAIRAH) LTD
ALSO KNOWN AS
NICO INTERNATIONAL HYDROSPACE
ADDRESS
Registered & Physical Address
Location : Fujairah
Seaport, Plot-I
PO Box : 2825
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2228424
Facsimile : (971-9) 2228746
Email : mohd.ahmed@nicofuj.com
Premises
Subject operates
from a large suite of offices, a workshop and warehousing that are owned and
located in Fujairah Seaport.
KEY PRINCIPALS
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Falzal
Bhoy General
Manager
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Berd
Fanzer Operations
Manager
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John
Carter Technical
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1980
Legal Form :
Limited Liability Company
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
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Nico International
Dubai
Tel: (971-4) 3382135
Fax: (971-4)
3381832
LINE OF BUSINESS
Operations: Engaged in the provision of underwater
marine services, including:
- Underwater hull cleaning of vessels
- Propeller polishing
- Wet docking and reporting
- Blanking of intakes and outlets
- Inspection and survey, NDT, video,
photographs
- Underwater wet welding
- Anchor search & recovery from seabed
- Salvage and wreck removal
Import
Countries: United Kingdom
Subject has a
workforce of approximately 200 employees.
FINANCIAL HIGHLIGHTS
Companies registered
in Fujairah, United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
·
HSBC Bank
Middle East
Hamad Bin Abdullah Street
PO Box 21
Fujairah
Tel: (971-9) 2222221
Fax: (971-9) 2227150
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
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 and the above credit figure is
within subject’s financial means.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)