MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SHIRLEY MAY INTERNATIONAL FZE |
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Registered Office : |
Saif
Zone, PO Box: 7885, Sharjah, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
14.02.2002 |
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Legal Form : |
Mouassasat
Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Engaged
in the bottling and packaging of perfumes and cosmetics. |
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$
175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
SHIRLEY MAY INTERNATIONAL FZE |
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Country
of Origin |
Sharjah, United Arab Emirates |
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Legal
Form |
Free Zone Establishment - FZE |
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Registration
Date |
14th February 2002 |
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Trade
Licence Number |
00988 |
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Issued
Capital |
UAE Dh 1,000,000 |
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Paid
up Capital |
UAE Dh 1,000,000 |
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Total
Workforce |
100 |
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Line
of Business |
Bottlers and packagers of perfumes and cosmetics. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
SHIRLEY
MAY INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 7885
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5570655
Facsimile : (971-6) 5570844
Email : swisco@emirates.net.ae
Premises
Subject
operates from a large suite of offices and a factory that are leased and
located in the Saif Zone of Sharjah.
KEY PRINCIPALS
· Hussain Adam Ali Managing
Director
· Satish Barbar Factory
Manager
· Salam Mohamed Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th February 2002
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 00988
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Hussain Adam Ali 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
bottling and packaging of perfumes and cosmetics.
Import
Countries :
Europe and GCC countries.
Brand
Names : SHIRLEY
and SWISS ARABIAN.
Operating
Trend : Steady
Subject
has a workforce of 100 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
14,500,000 UAE
Dh 16,225,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2002, subject is owned and managed by Mr Hussain Adam Ali who is well
respected in the local business community.
According
to local sources, subject meets its payment obligations in a timely manner and
the business is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 175,000
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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