MIRA INFORM REPORT

 

 

Report Date :

24.05.2007

 

IDENTIFICATION DETAILS

 

Name :

ACE UNIVERSAL FZC

 

 

Registered Office :

Ajman Free Zone, P O Box 7686, Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

27th November 2005

 

 

Legal Form :

Free Zone Company – FZC

 

 

Line of Business :

Engaged in the import and distribution of profile cutting machines and related accessories.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : ACE UNIVERSAL FZC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 27th November 2005

Trade Licence Number                            : 2343

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 8

Line of Business                                    : Distributors of profile cutting machines and related accessories.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

ACE UNIVERSAL FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Ajman Free Zone

PO Box             : 7686

Town                 : Ajman

Country             : United Arab Emirates

Mobile               : (971-50) 2175366

Email                : joseph@ace-me.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

 

     Name                                               Nationality                                 Position

 

·       Gonasheel Ramanna             Indian                                        Managing Director

 

·       Avinash Gupta                                  Indian                                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th November 2005

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 2343 (Expires 26th November 2007)

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

 

Name of Shareholder (s)

 

·       Gonasheel Ramanna

 

·       Avinash Gupta

 

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.

 

 

AFFILIATED COMPANIES

 

·       Ace Engineering LLC

Ajman

 

·       Ace Crane System LLC

Dubai

     Tel : (971-4) 2583440

     Fax : (971-4) 2583441

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of profile cutting machines and related accessories.

 

Import Countries : Europe, Taiwan and the United States of America.

 

International Suppliers :

 

·       Pierce Control Automation                 Czech Republic

·       Newark Equipment Ltd                       United Kingdom

·       Kuang Tai                                         Taiwan

·       3M                                                   United States of America

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                                            Year Ending 31/12/06 :

 

Total Revenue                                        UAE Dh 3,750,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

 

 

 

BANKERS

 

·       Commercial Bank of Dubai

Sheikh Humaid Abdul Aziz Street

PO Box : 4199

     Ajman

     Tel : (971-6) 7456668

     Fax : (971-6) 7449987

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 2005, subject is involved in the import and distribution of profile cutting machines and related accessories.

 

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$ 150,000

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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