MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
TRIDENT
INTERNATIONAL FZC |
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Registered Office : |
Sharjah |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27th March 2004 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the import
and distribution of general merchandise, including ready made garments,
foodstuffs and electrical household appliances. |
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 : TRIDENT INTERNATIONAL FZC
Country of Origin :
Legal Form : Free Zone Company - FZC
Registration Date : 27th March 2004
Trade Licence Number : 718
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 7
Line of Business : Distributors of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
TRIDENT
INTERNATIONAL FZC
ADDRESS
Registered & Physical Address
Location :
PO Box : 8048 & 41984
Town : Sharjah
Country :
Telephone : (971-6) 5570785
Facsimile : (971-6) 5570785
Email : tridentinternationalfze@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Free Zone of Sharjah.
KEY PRINCIPALS
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Vikas
Chandara Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 27th
March 2004
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 718
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Vikas
Chandara 100%
Note to the Legal Form
A Free Zone Company (FZC) 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
general merchandise, including ready made garments, foodstuffs and electrical
household appliances.
Import Countries
: Europe and the
Operating Trend: Steady
Subject has a
workforce of 7 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 3,600,000 UAE Dh 3,850,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on 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%)