MIRA
INFORM REPORT
|
Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
EURO FORBES
INTERNATIONAL PTE LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
8th May 2005 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of water purification systems and household appliances. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 70,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : EURO FORBES INTERNATIONAL PTE LTD
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 8th May 2005
Trade Licence Number : 5783
Membership Number : 97125
Total Workforce : 6
Line of Business : Distributors of water purification systems and household
appliances.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
EURO FORBES
INTERNATIONAL PTE LTD
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 261698
Town :
Country :
Telephone : (971-4) 8810115
Facsimile : (971-4) 8810116
Email : forbesdb@eim.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Jagdish
Bhagwandas Shahani Indian General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 8th
May 2005
Legal Form :
Subject is the United Arab Emirates
registered branch of Euro Forbes
International Pte Ltd, a Limited Liability
Company incorporated in
Euro Forbes International
Pte Ltd in the
Branch of a Foreign
Registered Corporation.
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
Trade Licence No. : 5783
(Expires 7th May 2008)
Membership No. : 97125
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
water purification systems and household appliances.
Import Countries
: Europe and the
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
·
HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2005, subject is involved in the import and distribution of water purification systems
and household appliances.
Any credit amount that is to be offered to
this company should be written under the name of “Euro Forbes
International Pte Ltd” and directed to the
companies head office address in
Maximum suggested
credit figure: US$ 70,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)