MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ROLLING STONE FZE |
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Registered Office : |
Dubai Airport
Free Zone, West Side, Building W119B, 1st Floor, Office No. 3, P O
Box 54475, 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 : |
July 2003 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Import and
distribution of diamonds and precious stones. |
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 : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : ROLLING STONE FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : July 2003
Trade Licence Number : 289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Line of Business : Subject operates with a general trade licence
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ROLLING STONE FZE
ADDRESS
Registered & Physical Address
Location : Dubai Airport Free Zone, West
Side, Building W119B, 1st Floor, Office No. 3
PO Box : 54475
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2995941
Facsimile : (971-4) 2995942
Email : rolling@emirates.net.ae
Premises
Subject operates from
a small suite of offices and a warehouse and a showroom that are rented and
located in the Dubai Airport Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Peter Lane British Managing Director
·
Manish Tivedi - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : July 2003
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 289
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Peter Lane 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: Subject operates with a general trade
licence but specialises in the import and distribution of diamonds and
precious stones. It does however also deal in computer equipment, electronic
products and communication equipment.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year Ending
31/12/06:
Total Revenue UAE Dh 3,790,000 UAE Dh 4,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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ABN Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Rolling Stone FZE
was established in July 2003 and has made steady progress in the local business
community. It specialises in the import and distribution of computer equipment,
electronic products and communication equipment
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
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%)