MIRA
INFORM REPORT
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Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
GLOBE CORPORATION FZC |
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Registered Office : |
Ajman Free Zone, Business Centre E-2, Ajman, |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.07.2004 |
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Com. Reg. No.: |
1552 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Engaged in the manufacture of shampoo, bath gels, specialised skin petroleum
jelly and pharmaceutical 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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
GLOBE CORPORATION FZC
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
19th July 2004
Trade Licence Number :
1552, Ajman
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
25
Line of Business :
Manufacturers of shampoo, bath gels, specialised skin petroleum jelly
and pharmaceutical products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
GLOBE CORPORATION FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free
Zone, Business Centre E-2
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7169733
/ 8761819
Facsimile : (971-6)
7169733
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Free Zone Area of Ajman.
KEY PRINCIPALS
Ramesh Venkatraman Managing
Director
Kayoum Ali Bohra Director
Anil Kishore General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 19th
July 2004
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1552
Issued Capital : UAE
Dh 1,000,000
Paid up Capital : UAE
Dh 1,000,000
Name of Shareholder
(s)
Ramesh Venkatraman
Kayoum Ali Bohra
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 manufacture of shampoo, bath gels, specialised skin petroleum jelly
and
pharmaceutical products.
Import Countries :
Europe and the Far East.
Subject has a workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Ajman, 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
Emirates Bank International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 5733300
Fax : (971-6) 5730077
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2004, subject is involved in the manufacture of shampoo,
bath gels, specialised skin petroleum jelly and pharmaceutical products.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company 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. |
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%)