MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
A M S TRADING
FZCO |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, P O Box 262088, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
4th September 2007 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Engaged in the
import and distribution of basic steel products, precision dies, measuring
and control systems, pumps, engines, valves and testing equipment. |
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. |
Small |
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Maximum Credit Limit : |
US$ 25,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : A M S TRADING FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 4th September 2007
Trade Licence Number : 7663
Membership Number : 123454
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Line of Business : Distributors of basic steel products, precision dies, measuring
and control systems, pumps, engines, valves and testing
equipment.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
A M S TRADING FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 262088
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3695694 / 6258204
Facsimile : (971-4) 3695694 / 2281193
Email : info@amstuae.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
·
Abbas Salimian Iranian Managing
Director
·
Mahmood
Salimian Iranian Director
LEGAL FORM & OWNERS
Date of Establishment : 4th
September 2007
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 7663
(Expires 3rd September 2008)
Membership No. :
123454
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Abbas Salimian 66.6%
·
Mahmood
Salimian 33.3%
Note to the Legal Form
A Free Zone Company (FZCO) 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
basic steel products, precision dies, measuring and control systems, pumps,
engines, valves and testing equipment.
Import Countries
: Europe and GCC countries.
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed
business and as a result financial information is not currently available.
BANKERS
·
National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Investigations
undertaken in Dubai 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$ 25,000
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%)