MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RELIABLE
RESOURCES TRADING FZE |
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Registered Office : |
Ajman Free Zone, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
3rd October 2005 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
import and distribution of ferrous and non-ferrous metals. |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : RELIABLE RESOURCES TRADING FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 3rd October 2005
Trade Licence Number : 2234
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Line of Business : Distributors of ferrous and non-ferrous metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
RELIABLE RESOURCES
TRADING FZE
ADDRESS
Registered & Physical Address
Location :
PO Box : 46589
Town :
Country :
Telephone : (971-6) 5732977
Facsimile : (971-6) 5732977
Email : rizisayed@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Ajman Free Zone.
KEY PRINCIPALS
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Sayed
Rizwan Haider Managing
Director
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K
Shoudan General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 3rd
October 2005
Legal Form :
Mouassasat Al Mintaka Al Horra
(Free Zone Establishment - FZE)
Trade Licence No. : 2234
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Sayed
Rizwan Haider 100%
Note to the Legal
Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
AFFILIATED COMPANIES
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Adanbrah
Trading LLC
PO Box : 30375
Sharjah
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
ferrous and non-ferrous metals.
Import
Countries: Europe and the
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE Dh
3,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Habib
Bank Ltd
Murshid Bazaar
PO Box : 888
Tel : (971-4) 2221281
Fax : (971-4) 2284631
Acc No. 211-20311-105437786
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion the credit
figure of US$ 150,000
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
company is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
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%)