MIRA
INFORM REPORT
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Report Date : |
23.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PHOENIX GULF FZE |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, BV-2, R/A 8, P O Box 17197, Dubai |
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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 : |
1994 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the import & export of automobiles, specialising in Hyundai vehicles, as well as related spare parts and components. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : PHOENIX GULF FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1994
Membership Number : 28562
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 20
Line of Business : Import & export of automobiles and construction equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PHOENIX GULF FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Location : Jebel Ali Free Zone, BV-2, R/A 8
PO Box : 17197
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8837837
Facsimile : (971-4) 8836804
Mobile : (971-50) 6446482
Email : phoenix@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
KEY PRINCIPALS
·
Seyed Mehdi Gerami Managing
Director
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K.A. Joseph General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1994
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Membership No. : 28562
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Seyed Mehdi Gerami 100%
Note to the Legal Form
A Free Zone Establishment (FZE) 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 & export of automobiles, specialising in Hyundai vehicles, as well as related spare parts and components.
The company also deals in blasting grit supplies, construction equipment & machineries, and crushing & earthmoving equipment.
Import Countries
: Korea
International
Suppliers :
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Hyundai Cars Co Ltd Korea
Export Countries
: Middle East and CIS
countries.
Brand Names : HYUNDAI
Operating Trend
: Steady
Subject has a
workforce of 20 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 6,125,000 UAE Dh
6,655,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
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Bank Sepah
International Plc
5-7 Eastcheap Street
London EC3M 1JT
United Kingdom
Tel: (44-20) 76231371
Fax: (44-20) 76231221
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Phoenix Gulf FZE
has been in business for 12 years and is engaged in the import & export of
automobiles, specialising in Hyundai vehicles.
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.
Maximum suggested
credit figure: US$ 200,000
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%)