MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
UNIVERSAL GENERAL
TRADING FZC |
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Registered Office : |
Saif Zone, P O
Box 9622, Sharjah |
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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 : |
23rd July 2005 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the
import and distribution of general merchandise. |
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 : UNIVERSAL GENERAL
TRADING FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 23rd
July 2005
Trade Licence Number : 010403165
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 5
Line of Business :
Distributors of general merchandise.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
UNIVERSAL GENERAL
TRADING FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 9622
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5573810
Facsimile : (971-6) 5573820
Mobile : (971-50) 4822460
Email : mail@thyuae.com
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
·
Kunal Balsal Managing
Director
·
Kermani
Mohamed Farooq Director
LEGAL FORM & OWNERS
Date of Establishment : 23rd
July 2005
Legal Form :
Free Zone Company - FZC
Trade Licence No. :
010403165
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
·
Kunal Balsal
·
Kermani
Mohamed Farooq
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 import and distribution of
general merchandise.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 5 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 4,120,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank Melli
Iran
PO Box : 1894
Baniyas Square
Dubai
Tel : (971-4) 2216777
Fax : (971-4) 2231589
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 owned and managed by Mr Kunal Balsal and Mr Kermani Mohamed
Farooq who are both well respected in the local business community.
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.
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%)