MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ORCHID
INTERNATIONAL FZC |
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Registered Office : |
Fujairah Free
Zone, Plot No. 66, PO Box 3154, Fujairah |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
16.01.2004 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the
manufacture of paper products and printing of tickets |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ORCHID INTERNATIONAL FZC
Previously Known As : ORCHID HOLDINGS FZC
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 16th January 2004
Trade Licence Number : 1566
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 60
Line of Business : Manufacturers of paper products and printers of tickets.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ORCHID
INTERNATIONAL FZC
PREVIOUSLY KNOWN AS : ORCHID HOLDINGS FZC
ADDRESS
Registered & Physical Address
Location : Fujairah Free Zone, Plot No. 66
PO Box : 3154
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2281630
Facsimile : (971-9) 2281631
Email : omegaind@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Free Zone Area of Fujairah.
KEY PRINCIPALS
·
Rajiv Agrawal Managing
Director
·
Rume Agrawal Director
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Satish Nagan Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 16th
January 2004
History : Subject was originally established in 2004
under the name “Orchid Holdings FZC”.
However in January 2007 subject
re-registered under the current style of “Orchid
International FZC”.
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1566
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
·
Rajiv Agrawal
·
Rume Agrawal
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 manufacture of paper
products and printing of tickets.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 60 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 9,200,000 UAE Dh
11,730,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
National Bank of Fujairah
PO Box 887
Fujairah
Tel: (971-9) 2224518 / 2224513
Fax: (971-9) 2224516 / 2229470
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 manufacture of paper products and printing of
tickets.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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%)