MIRA
INFORM REPORT
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Report Date : |
11.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SHALINA RESOURCES LTD |
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Registered Office : |
Jebel Ali Free
Zone, Lob 5, |
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Country : |
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Date of Incorporation : |
7th
May 2006 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Import and export of medicines. |
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 & Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SHALINA RESOURCES LTD
Country of Origin :
Legal Form : Branch
of a Foreign Registered Corporation
Registration Date : 7th
May 2006
Trade Licence
Number : 606925, Jebel Ali Free Zone
Total Workforce : 8
Line of Business : Import and export of medicines
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
SHALINA RESOURCES LTD
ADDRESS
Registered & Physical Address
Location : Jebel Ali Free Zone, Lob 5
PO Box : 17938
Town :
Country :
Telephone : (971-4) 8814025
Facsimile : (971-4) 8814072
Email : anil.sas@preminco.com
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
·
Abbas Vargi Managing
Director
·
Pasu Pathy Director
LEGAL FORM &
OWNERS
Date of Establishment : 7th
May 2006
Legal Form :
Subject is the United Arab
Emirates registered branch of Shalina
Resources
Ltd, a Limited Liability Company incorporated in the
Shalina Resources Ltd in the
Foreign Registered
Corporation with its registered office located at the following
address :
Commerce House
Ramsey
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 the Isle of Man.
Trade Licence No. : 606925, Jebel Ali Free Zone
AFFILIATED COMPANIES
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Preminco Ltd
Jebel Ali Free Zone
Tel: (971-4) 8814025
LINE OF BUSINESS
Operations: Engaged in the import and export of medicines.
Import
Countries:
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Barclays
Bank
Tel: (971-4) 3351555
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
In view of subject’s
infancy, extensive payment and financial are not available, therefore dealings
are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable.
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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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%)