MIRA
INFORM REPORT
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Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MSB WORLDWIDE FZE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
November 2001 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the import and distribution of industrial equipment, including conveyor and transmission
belts and related accessories. |
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 : MSB WORLDWIDE FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : November 2001
Trade Licence Number : 7552
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Line of Business : Distributors of industrial equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MSB WORLDWIDE FZE
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali
Free Zone
PO Box : 18059 &
659
Town :
Country :
Telephone : (971-4) 8819766
Facsimile : (971-4) 8817446
Email : texspare@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone.
Branch Office (s)
Location Description
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PO Box : 21151
Tel : (971-6) 7471210
Fax : (971-6) 5552163
KEY PRINCIPALS
· Rivgoth Singh Managing
Director
· Cuhlam Perrera Sales
Manager
LEGAL FORM &
OWNERS
Date of
Establishment : November 2001
Legal Form : Mouassasat Al
Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 7552
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
· Rivgoth Singh 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 industrial equipment, including conveyor and transmission
belts and related accessories.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 4 employees.
FINANCIAL
HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 3,700,000 UAE Dh
4,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank International Ltd
PO Box : 2923
Deira
Tel : (971-4)
3160316
Fax : (971-4)
2264302
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2001, subject is involved in the import and distribution
of industrial equipment,
including conveyor and transmission belts and related accessories.
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%)