MIRA
INFORM REPORT
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Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ON LINE
DISTRIBUTION LIMITED |
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Registered Office : |
Warehouse No.
JB6, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
14th July 1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import
and distribution of data networking and communication 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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Status : |
Branch of Foreign Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ON LINE DISTRIBUTION LIMITED
Country of Origin :
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 14th July 1993
Trade Licence Number : 819
Membership Number : 27696
Issued Capital : UAE Dh 3,700,000
Paid up Capital : UAE Dh 3,700,000
Total Workforce : 24
Line of Business : Distributors of data networking and communication products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ON LINE
DISTRIBUTION LIMITED
ADDRESS
Registered & Physical Address
Building : Warehouse No. JB6
Street :
Area : Jebel Ali Free Zone
PO Box : 17124
Town :
Country :
Telephone : (971-4) 8839888
Facsimile : (971-4) 8839353
Email : info@online-dubai.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Keith
George Rish British General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 14th
July 1993
Legal Form :
Subject is the United Arab
Emirates registered branch of On Line Distribution
Ltd, a Limited Liability Company incorporated in the
On Line Distribution Limited in
the
Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in
its own right. Responsibility
for payments lays in the hands of the
company where it is originally
registered.
Under these circumstances, we
strongly advise that any
international trade credit
should only be written under the name of
the main company where the subject
holds its registered office, in
this case the
Trade Licence No. : 819
(Expires 28th February 2008)
Membership No. : 27696
Issued Capital : UAE Dh 3,700,000
Paid up Capital : UAE Dh 3,700,000
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
data networking and communication products.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 24 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 7,260,000 UAE Dh
7,800,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
1993, subject is involved in the import and distribution of data networking and
communication products.
Any credit amount
that is to be offered to this company should be written under the name of “On
Line Distribution Ltd” and directed to the companies head office address in the
Maximum suggested
credit figure: Not Applicable
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%)