MIRA
INFORM REPORT
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Report Date : |
23rd
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NEO GOLD DMCC |
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Registered Office : |
Union
House, 5th Floor, Port Saeed, PO Box: 33234, Dubai, United Arab
Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
25.03.2006 |
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Legal Form : |
Sharikat
Tadhamun (General Partnership) |
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Line of Business : |
Engaged
in the import and distribution of gold and other precious metals. |
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 : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
NEO GOLD DMCC |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
General Partnership |
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Registration
Date |
25th March 2006 |
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Trade
Licence Number |
30442 |
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Partners
Capital |
UAE Dh 1,000,000 |
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Total
Workforce |
2 |
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Line
of Business |
Distributors of gold and other precious metals. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
NEO GOLD
DMCC
ADDRESS
Registered & Physical Address
Building : Union House, 5th Floor
Area : Port Saeed
PO Box : 33234
Town : Dubai
Country :
United Arab Emirates
Telephone : (971-4) 2115435
Facsimile : (971-4) 2115101
Mobile : (971-50) 6798228 / 6565247
Email : israwi@eim.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
· Krisi Kajanwala Managing
Partner
· Firas Kasem Al Israwi Partner
LEGAL FORM & OWNERS
Date of Establishment : 25th March 2006
Legal Form : Sharikat Tadhamun (General Partnership)
Trade Licence No. : 30442
Partners
Capital : UAE Dh 1,000,000
Name of Partner (s)
· Krisi Kajanwala
· Firas Kasem Al Israwi
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of gold and other precious metals.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 2 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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