MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NAMEV TEXTILES FZCO |
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Registered Office : |
Office
No. LB16402A45, Jebel Ali Free Zone, PO Box: 181633, Dubai, United Arab
Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
18.10.2005 |
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Legal Form : |
Free
Zone Company - FZCO |
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Line of Business : |
Engaged
in the import and distribution of textiles, ready made garments, novelties,
toys, stationery and gift items. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
70,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
NAMEV TEXTILES FZCO |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Free Zone Company - FZCO |
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Registration
Date |
18th October 2005 |
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Trade
Licence Number |
6510 |
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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 |
5 |
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Line
of Business |
Distributors of textiles, ready made garments, novelties, toys, stationery and gift items. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
NAMEV
TEXTILES FZCO
ADDRESS
Registered & Physical Address
Building : Office No. LB16402A45
Area : Jebel Ali Free Zone
PO Box : 181633
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8810101
Facsimile : (971-4) 8810202
Email : intlink@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
· Emin Namik Durucan Managing
Director
· Bassam Yildirim General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 18th October 2005
Legal Form : Free Zone Company - FZCO
Trade Licence No. : 6510
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Emin Namik Durucan 100%
Note to the Legal Form
A Free Zone Company (FZCO) 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 textiles, ready made garments, novelties, toys,
stationery and gift items.
Import
Countries :
Europe and GCC countries.
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
National
Bank of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Investigations
undertaken in Dubai 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$ 70,000
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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