MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNDIAM
FZCO |
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Registered Office : |
Dubai
Airport Free Zone, P O Box 54468, 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 : |
2003 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Engaged
in the import and distribution of jewellery, rough and polished diamonds. |
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$
50,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SUNDIAM FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 2003
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 2
Line of Business : Distributors of jewellery, rough and polished diamonds.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SUNDIAM
FZCO
ADDRESS
Registered & Physical Address
Location : Dubai Airport Free Zone
PO Box : 54468
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2027142 / 2351955
Facsimile : (971-4) 2996963
Mobile : (971-50) 5591033
Email : sundiam@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the Dubai
Airport Free Zone.
KEY PRINCIPALS
· A Mehta Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 2003
Legal Form : Free Zone Company - FZCO
Issued
Capital : UAE Dh 1,000,000
Paid up
Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
· A Mehta 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 jewellery, rough and polished diamonds.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 2 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
2,850,000 UAE
Dh 3,000,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2003, subject is involved in the import and distribution of jewellery, rough
and polished diamonds.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 50,000
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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