MIRA
INFORM REPORT
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Report Date : |
15.01.2007 |
IDENTIFICATION DETAILS
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Name : |
GOODWELL
INTERNATIONAL FZC |
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Registered Office : |
Hamriyah
Free Zone, PO Box: 42820, Sharjah |
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Country : |
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Date of Incorporation : |
18.09.2006 |
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Legal Form : |
Free
Zone Company - FZC |
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Line of Business : |
Importer and Distributor of general
merchandise,
including ready made garments, foodstuffs and building materials. |
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$
30,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
GOODWELL INTERNATIONAL FZC |
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Country
of Origin |
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Legal
Form |
Free Zone Company - FZC |
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Registration
Date |
18th September 2006 |
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Trade
Licence Number |
2000 |
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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 general merchandise. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
GOODWELL
INTERNATIONAL FZC
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 42820
Town : Sharjah
Country :
Subject
has yet to register any contact numbers.
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
KEY PRINCIPALS
·
Rad Hamouni Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 18th September 2006
Legal Form : Free Zone Company - FZC
Trade Licence No. : 2000
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
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Rad Hamouni 100%
Note to the Legal Form
A Free Zone Company (FZC) 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 general merchandise, including ready made garments,
foodstuffs and building materials.
Import
Countries :
Europe and the
Subject
has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
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National Bank of Umm Al Quwain
PO Box : 800
Umm
Al Quwain
Tel :
(971-6) 7655225
Fax
: (971-6) 7655440
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Sharjah 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$ 30,000
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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