MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
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Tel. No.: |
00971504587678 |
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Fax No.: |
0097143341884 |
IDENTIFICATION
DETAILS
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Name : |
SUPREME
SPECIALITIES FZE |
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Registered Office : |
Ajman Free Zone,
P O Box 21631 & 5337, Ajman |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
import and distribution of chemicals and adhesives. |
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
Company Name : SUPREME SPECIALITIES FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 2003
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 10
Line of Business : Distributors of chemicals and adhesives.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SUPREME
SPECIALITIES FZE
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone
PO Box : 21631 & 5337
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7401517
Facsimile : (971-6) 7401518
Mobile : (971-50) 4587678
Email : biz.suprimspecialities.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Ajman Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Shreen
Sultana Indian Managing
Director
·
Frank
George - General
Manager
·
M Manish - Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2003
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Shreen
Sultana 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.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
chemicals and adhesives.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,150,000 UAE Dh 3,400,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
·
Dubai Bank Ltd
PO Box : 2923
Dubai
Tel
: (971-4) 2256256
Fax
: (971-4) 2267120
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2003, subject is involved in the import and distribution of chemicals and
adhesives.
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%)