MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FLEMINGO
INTERNATIONAL LTD |
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Registered Office : |
Plot No. WT-FD
01, Between 5th & 6th Roundabout, Sheikh Zayed Road,
Jebel Ali Free Zone, P O Box 61239, 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 : |
1st September 2003 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products, alcoholic beverages,
toiletries, cosmetics, tobacco and watches. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : FLEMINGO INTERNATIONAL LTD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company
Registration Date : 1st September 2003
Trade Licence Number : 2689
Membership Number : 79114
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 12
Line of Business : Distributors of general foodstuff products, alcoholic beverages,
toiletries, cosmetics, tobacco and watches.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FLEMINGO
INTERNATIONAL LTD
ADDRESS
Registered & Physical Address
Location : Plot No. WT-FD 01, Between 5th
& 6th Roundabout
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 61239
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8871132
Facsimile : (971-4) 8871145
Email : info@flemingo-intl.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
·
Thakker
Rasiklal Rattilal Indian Managing Partner
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Thakar Mahabdra
Kumar Pershotamdas Indian Partner
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Bhatia Suresh
Tulsidas Indian Partner
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Gandhi
Hemchand Cahtur Bhuj Das Indian Partner
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Pupang
Chandulal Suchde Indian Partner
LEGAL FORM & OWNERS
Date of Establishment : 1st
September 2003
Legal Form :
Free Zone Company
Trade Licence No. : 2689
Membership No. : 79114
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
·
Thakar
Mahabdra Kumar Pershotamdas
·
Pupang
Chandulal Suchde
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Thakker Rasiklal
Rattilal
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Bhatia Suresh
Tulsidas
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Gandhi
Hemchand Cahtur Bhuj Das
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products, alcoholic beverages, toiletries, cosmetics, tobacco
and watches.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 12 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 5,270,000 UAE Dh
5,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction May 2007
Credit amount 7,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Established in
2003, subject is involved in the import and distribution of general foodstuff
products, alcoholic beverages, toiletries, cosmetics, tobacco and watches.
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$ 200,000
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%)