MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION DETAILS
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Name : |
GOLDHILL |
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Registered Office : |
Saif Zone,
Sharjah |
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Country : |
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Date of Incorporation : |
18th September 2006 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
import and distribution of ready made garments, footwear, luggage, perfume,
cosmetics and toys. |
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$ 10,000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
GOLDHILL
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 18th September 2006
Trade Licence Number : 010104321, Sharjah
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 1
Line of Business : Distributors of ready made garments, footwear, luggage,
perfume, cosmetics and toys.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
GOLDHILL
ADDRESS
Registered & Physical Address
Location : Saif Zone
Town : Sharjah
Country :
Telephone : (971-4) 3939551
Facsimile : (971-4) 3939561
Subject has yet to
register any contact numbers in Sharjah, the numbers listed above belong to
their accountants and legal representatives who are based in
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Saif Zone Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Dominic
Heng Singaporean Managing Director
LEGAL FORM &
OWNERS
Date of Establishment : 18th
September 2006
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. :
010104321, Sharjah
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Dominic
Heng 100%
Note to the Legal Form
A Free Zone Establishment (FZE) 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
ready made garments, footwear, luggage, perfume, cosmetics and toys.
Import Countries
: Europe and the
Subject has a
workforce of 1 employee.
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 Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Sharjah 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$ 10,000
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%)