MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
KINNEARS FZE |
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Registered Office : |
Bur Dubai, P O
Box 103999, Dubai |
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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 : |
8th November 2005 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
import and distribution of PVC products, flooring systems and marine
rope. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : KINNEARS FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 8th November 2005
Trade Licence Number : 1348
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 2
Line of Business : Distributors of PVC products, flooring systems and marine rope.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
KINNEARS FZE
ADDRESS
Registered & Physical Address
Location : Bur Dubai
PO Box : 103999
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3518041
Facsimile : (971-4) 3935636
Mobile : (971-50) 5189168
Email : kinnearsfzc@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
·
Santosh Kumar
Agrawal Managing
Director
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Rajesh Kumar
Agrawal General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th
November 2005
Legal Form :
Mouassasat Al Mintaka Al Horra
(Free Zone Establishment - FZE)
Trade Licence No. : 1348
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Santosh Kumar
Agrawal 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 import and distribution of
PVC products, flooring systems and marine rope.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 2 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
3,400,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Ras Al Khaimah
PO Box : 1531
Dubai
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is involved in the import and distribution of PVC products,
flooring systems and marine rope.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the
business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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. |
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%)