MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SWISS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
37022, |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and
distribution of grain, cereals, textiles, steel products, non ferrous metals,
timber, as well as industrial and petrochemical equipment and supplies. |
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 : |
Branch of Foreign Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
SWISS
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 1991
Commercial Registration Number :
37022,
Trade Licence Number : 227997
Membership Number : 40411
Total Workforce : 10
Line of Business : Import and distribution of grain, cereals, textiles, steel products,
non ferrous metals, timber, as well as industrial and
petrochemical equipment and supplies.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SWISS
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Bur
PO Box : 60757
Town :
Country :
Telephone : (971-4) 2222720
Facsimile : (971-4) 2276376
Email : ssoedxb@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Office (s)
Location Description
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Jebel
Ali Free Zone Rented
warehouse premises
Tel : (971-4) 8837345
Fax : (971-4) 8837344
KEY PRINCIPALS
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Rajesh
Somani Managing
Director
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K.K. Gupta General
Manager
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Candy
Jain Commercial
Manager
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Sudair
Demodaran Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1991
Legal Form :
Subject is the United Arab
Emirates registered branch of Swiss Singapore Overseas
Enterprises Ltd, a Limited Liability Company incorporated in
Swiss Singapore Overseas
Enterprises Ltd in the
Branch of a Foreign
Registered Corporation with its registered office located at the
following address :
Swiss
14-01 Shenton House
Tel : (65) 2218455
Fax : (65) 2224984
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its
registered office, in this case
Commercial Reg. No. : 37022,
Trade Licence No. : 227997
Membership No. : 40411
JAFZ Licence No. : 1034
LINE OF BUSINESS
Operations : Engaged in the import and distribution of grain,
cereals, textiles, steel products, non ferrous metals, timber, as well as
industrial and petrochemical equipment and supplies.
Import Countries
: The Far East and
Operating Trend
: Steady
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year Ending
31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 6,120,000 UAE Dh
6,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
Jebel Ali Branch
PO Box : 2668
Tel : (971-4) 8818882
Fax : (971-4) 8812252
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction August 2001
Credit amount 293,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Deutsch
Marks
GENERAL COMMENTS
Swiss Singapore Overseas
Enterprises Pte Ltd is a branch of a
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
business is considered to be a fair trade risk.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)