MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FLEXIFLO
CORPORATION |
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Registered Office : |
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Country : |
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Date of Incorporation : |
6th May 2007 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the
import and distribution of flexible fluid handling products. |
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$ 35,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FLEXIFLO CORPORATION
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 6th May 2007
Trade Licence Number : 3558
Membership Number : 118713
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 25
Line of Business : Distributors of flexible fluid handling products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
FLEXIFLO
CORPORATION
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 18532
Town :
Country :
Telephone : (971-4) 8838131
Facsimile : (971-4) 8837611
Email : flexiflo@flexiflo.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 Area of Dubai.
KEY PRINCIPALS
·
Joseph
Accama General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 6th
May 2007
Legal Form :
Subject is the United Arab
Emirates registered branch of Flexiflo Corporation, a
Limited Liability Company
incorporated in the
Flexiflo Corporation in the
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
the
Trade Licence No. : 3558
(Expires 5th May 2008)
Membership No. : 118713
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
flexible fluid handling products.
Import Countries
: Europe and the
Subject has a
workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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National
Bank of
PO Box : 777
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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$ 35,000
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%)