MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
LNM MARKETING FZE |
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Registered Office : |
Sheikh Zayed Road, LOB 15, 521-27, Jebel Ali Free Zone,
17619, Dubai |
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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 : |
25th July 2001 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Distributors of steel products. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
LNM MARKETING FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
25th July 2001 |
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Trade Licence Number |
2466 |
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Membership Number |
64842 |
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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 |
22 |
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Line of Business |
Distributors of steel products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LNM MARKETING FZE
ADDRESS
Registered &
Physical Address
Street : Sheikh Zayed Road, LOB 15, 521-27
Area : Jebel Ali Free Zone
PO Box : 17619
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811662
Facsimile : (971-4) 8811663
Email : iki@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
Yerragunta Prasana Kumar Indian Managing Director
Mahesh Barve - Sales Manager
K. Sunil Kumar - Product Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th July 2001
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 2466 (Expires 24th January 2007)
Membership No. :
64842
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Yerragunta Prasana Kumar 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.
AFFILIATED COMPANIES
IK International FZE
Sheikh Zayed Road
Jebel Ali Free Zone
PO Box: 17619
Dubai
Tel: (971-4) 8811662
Fax: (971-4) 8811663
Email: iki@emirates.net.ae
Glacier Trade Centre FZE
Sheikh Zayed Road
Jebel Ali Free Zone
PO Box: 17619
Dubai
Tel: (971-4) 8811665
Fax: (971-4) 8811664
Email: gireesh.ca@ispat.com
LINE OF BUSINESS
Operations: Engaged
in the import and distribution of steel products.
Import Countries:
Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 22 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 7,900,000 UAE Dh 8,280,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2001, subject is owned and managed by Mr Yerragunta Prasana Kumar and is involved in the import and distribution of steel products.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business 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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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%)