MIRA
INFORM REPORT
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Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHINTAMANI
DMCC |
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Registered Office : |
Plot
No. 550-554, Building No. 1, Office No. 1003, Dubai Multi Commodities Centre
(DMCC), P O Box 71241, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
6th February 2005 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged
in the import and distribution of metals, including steel, iron and copper. |
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$
50,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
SUMMARY
Company Name : CHINTAMANI DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 6th February 2005
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Line of Business : Distributors of metals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
CHINTAMANI
DMCC
ADDRESS
Registered & Physical Address
Location : Plot No. 550-554, Building No. 1,
Office No. 1003
Area : Dubai Multi Commodities
Centre (DMCC)
PO Box : 71241
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3325657
Facsimile : (971-4) 3325667
Email : sna@sna-me.com
Premises
Subject
operates from a small suite of offices that are rented and located in the Dubai
Multi Commodities Centre.
KEY PRINCIPALS
· Safari Zaceri Managing
Director
· Gaurang Shah General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 6th February 2005
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
· Safari Zaceri 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 metals, including steel, iron and copper.
Import
Countries:
Europe and the Far East.
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
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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$ 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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