MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TRIGON GULF FZCO |
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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 : |
10th August 2003 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Import and
distribution of ferrous and non-ferrous metals and alloys, steel tubes, paper
products and pulp, synthetic rubber, and industrial chemicals. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : TRIGON GULF FZCO
Country of Origin :
Legal Form : Free Zone Company - FZCO
Registration Date : 10th August 2003
Trade Licence Number : 1511
Membership Number : 79102
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 25
Line of Business : Distributors of ferrous and non-ferrous metals, steel tubes,
rubber, paper products and industrial chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TRIGON GULF FZCO
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 61468
Town :
Country :
Telephone : (971-4) 8819337 / 8832010
Facsimile : (971-4) 8819334 / 8831788
Email : trigon@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Manoj Shivnani
Saduram Indian Managing
Director
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Kumar
Menon - Marketing
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 10th
August 2003
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 1511
(Expires 9th August 2007)
Membership No. : 79102
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of Shareholder
(s) Percentage
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Brigance
Enterprises Ltd 70%
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Silvermist
Trading Ltd 30%
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
ferrous and non-ferrous metals and alloys, steel tubes, paper products and
pulp, synthetic rubber, and industrial chemicals.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 25 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 6,100,000 UAE Dh 6,870,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Standard
Chartered Bank
Jebel Ali Free Zone
PO Box : 16920
Tel : (971-4) 8856600
Acc No. 01-7036442-01
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 ferrous and non-ferrous
metals, steel tubes, rubber, paper products and industrial chemicals.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 200,000
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%)