MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GLOBAL ALLIANCE FZE |
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Registered Office : |
Ajman
Free Zone, Plot No. 205, PO Box: 47037, Ajman, United Arab Emirate. |
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Country : |
United
Arab Emirate |
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Date of Incorporation : |
2003 |
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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 import and distribution of ready made garments, fruit and vegetables. |
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 : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
GLOBAL ALLIANCE FZE |
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Country
of Origin |
Ajman, United Arab Emirates |
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Legal
Form |
Free Zone Establishment - FZE |
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Registration
Date |
2003 |
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Trade
Licence Number |
1830 |
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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 |
3 |
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Line
of Business |
Distributors of ready made garments, fruit and vegetables. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
GLOBAL
ALLIANCE FZE
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone, Plot No. 205
PO Box : 47037
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 5441965
Facsimile : (971-6) 5441964
Mobile : (971-50) 3429035
Email : globalalliancefze@gmail.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Free Zone Area of Ajman.
Branch Offices
Location Description
· Industrial Area No. 10 Warehouse
premises
Sharjah
KEY PRINCIPALS
· Anand Singh Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 2003
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 1830
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Anand Singh 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and
distribution of ready made garments, fruit and vegetables.
Import
Countries:
Europe and the Far East.
Operating
Trend: Steady
Subject
has a workforce of 3 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
4,100,000 UAE Dh
4,300,000
Local
sources consider subject’s financial condition to be Fair.
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 2003, subject is involved in the import and distribution of ready made
garments, fruit and vegetables.
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 and the above credit figure is considered to be within subject’s financial
means.
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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