MIRA
INFORM REPORT
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Report Date : |
28th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
LABDHI INTERNATIONAL FZE |
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Registered Office : |
Ras Al Khaimah
Free Trade Zone, PO Box: 10559 & 10055, Ras Al Khaimah, United Arab
Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
04.09.2004 |
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Com. Reg. No.: |
20959, Ras Al Khaimah |
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Legal Form : |
Mouassasat Al Mintaka
Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Engaged in the wholesale and retail of jewellery, precious
stones, textiles, communication and software products. |
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 : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
LABDHI INTERNATIONAL FZE |
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Country of Origin |
Ras Al Khaimah, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
4th September 2004 |
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Commercial
Registration Number |
20959, Ras Al Khaimah |
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Trade Licence
Number |
0894 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
3 |
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Line of Business |
Wholesaler and retailers of jewellery, precious stones, textiles, communication and software products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
LABDHI INTERNATIONAL
FZE
ADDRESS
Registered & Physical Address
Location : Ras Al Khaimah Free Trade Zone
PO Box : 10559 & 10055
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2041674 / 2041111
Facsimile : (971-7) 2041010
Email : lif@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Ras Al Khaimah Free Trade Zone.
Branch Office (s)
Location Description
·
Union National
Building, 1st Floor, Suite 101 Sales
Office
Deira
PO Box 21723
Dubai
Tel : (971-4) 2242145 / 2242142
Fax : (971-4) 6749365
KEY PRINCIPALS
Name Nationality Position
·
Shiraj
Jestindrah Shah Indian Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 4th
September 2004
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Commercial Reg. No. : 20959, Ras Al
Khaimah
Trade Licence No. : 0894
(Vaild until 29/08/2007)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Shiraj
Jestindrah Shah 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.
LINE OF BUSINESS
Operations: Engaged in the wholesale and retail of jewellery, precious stones, textiles, communication and software products.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,800,000 UAE Dh 4,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Ras Al Khaimah
NBRAK Building
PO Box : 5300
Ras Al Khaimah
Tel :
(971-7) 2221127
Fax :
(971-7) 2224202
·
Wall Street
Banking Corporation Ltd
Dubai
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in 2004,
subject is involved in the wholesale and retail of jewellery, precious stones,
textiles, communication and software products.
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
admissible.
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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You will
hold the information in strict confidence, and shall not reveal it or make it
known to the subject persons, firms or corporations or to any other. MIPL does
not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions