MIRA
INFORM REPORT
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Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
FOSROC
INTERNATIONAL LTD |
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Registered Office : |
City
Tower, Sheikh Zayed Road, Al Wasl, P O Box 12276, 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 : |
22nd October 1992 |
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Com. Reg. No.: |
40483 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged
in the import and distribution of construction chemicals. |
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$
150,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
Company Name : FOSROC INTERNATIONAL LTD
Country of Origin : United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 22nd October 1992
Commercial Registration Number : 40483, Dubai
Trade Licence Number : 229171
Membership Number : 25458
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 26
Line of Business : Distributors of construction chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FOSROC
INTERNATIONAL LTD
ADDRESS
Registered & Physical Address
Building : City Tower
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 12276
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3310567
Facsimile : (971-4) 3310379
Email : fosroc@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Dubai.
KEY PRINCIPALS
· James Muir Hay General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 22nd October 1992
Legal Form : Subject is the United Arab Emirates registered branch of Fosroc
International
Ltd, a Limited Liability Company
incorporated in the United Kingdom.
Fosroc International Ltd in the
United Arab Emirates, operates as a Branch of a
Foreign Registered
Corporation with its registered office located at the following
address :
Fosroc International Ltd
11 Grosvenor Crescent
London SW1X 7EE
United Kingdom
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the United Kingdom.
Commercial Reg. No. : 40483, Dubai
Trade Licence No. : 229171 (Expires 2nd October
2007)
Membership No. : 25458
Issued
Capital : UAE Dh 100,000
Paid
up Capital : UAE Dh 100,000
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of construction chemicals.
Import
Countries :
United Kingdom
Operating
Trend : Steady
Subject
has a workforce of 26 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
11,230,000 UAE
Dh 11,410,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Lloyds
Bank TSB Plc
PO Box : 3766
Dubai
Tel
: (971-4) 3422000
Fax
: (971-4) 3422660
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1992, subject is involved in the import and distribution of construction
chemicals.
Any
credit amount that is to be offered to this company should be written under the
name of “Fosroc International Ltd” and directed to the companies head office
address in the United Kingdom.
Maximum
suggested credit figure: US$ 150,000
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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