MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
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Name : |
OMKAR INTERNATIONAL FZC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
14.01.2006 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Distributors of metals,
wood (logs), textiles, electronics and general foodstuff 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$ 75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name :
OMKAR INTERNATIONAL FZC
Country of Origin :
Legal Form :
Free Zone Company - FZC
Registration Date :
14th January 2006
Trade Licence Number :
1529
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
3
Line of Business :
Distributors of metals, wood
(logs), textiles, electronics and
general foodstuff products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
OMKAR INTERNATIONAL FZC
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 42216
Town : Sharjah
Country :
Telephone : (971-6) 5599037
Facsimile : (971-6) 5599038
Email : omkarinternational@gmail.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Hamriyah Free Zone Area of Sharjah.
KEY PRINCIPALS
Omprakash
Mehta Managing
Director
Amit
Omprakash Mehta Director
LEGAL FORM &
OWNERS
Date of Establishment : 14th
January 2006
Legal Form :
Free
Zone Company - FZC
Trade Licence No. : 1529
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE
Dh 1,000,000
Name of Shareholder
(s)
Omprakash
Mehta
Amit
Omprakash Mehta
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 metals,
wood (logs), textiles, electronics and
General foodstuff products.
Import Countries : Europe and the
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
National Bank of Sharjah
PO Box: 4
Sharjah
Tel: (971-6) 5547747
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken in Sharjah did not reveal any sign of payment
defaults or delays during initial trading stages, and subject is believed to
meet its payment obligations in a timely manner, nevertheless, and in view of
the company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
Maximum suggested credit figure: US$ 75,000
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%)