MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MARWACO INTERNATIONAL FZE |
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Registered Office : |
Al Nahda Road, Dubai Airport Free Zone, P O Box – 54537, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
04.10.2005 |
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Com. Reg. No.: |
525 |
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Legal Form : |
Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Engaged in the import and distribution of pharmaceuticals, medical
equipment 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 :
MARWACO INTERNATIONAL FZE
Country of Origin :
Legal Form :
Free Zone Establishment - FZE
Registration Date :
4th October 2005
Trade Licence Number :
525
Membership Number :
101426
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
4
Line of Business :
Distributors of pharmaceuticals, medical equipment and related
accessories.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
MARWACO INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Street :
Area :
PO Box : 54537
Town :
Country :
Telephone : (971-4) 2045155
Facsimile : (971-4) 2045157
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Dubai Airport Free Zone.
KEY PRINCIPALS
Name Nationality Position
Awad Alla Atta Rizeq Eldaroti Sudanese Managing Director
LEGAL FORM &
OWNERS
Date of Establishment : 4th
October 2005
Legal Form : Mouassasat Al
Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 525
Membership No. : 101426
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
Awad Alla Atta Rizeq Eldaroti 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 pharmaceuticals, medical equipment and
related accessories.
Import Countries :
Subject has a workforce of 4 employees.
FINANCIAL
HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/06:
Total Revenue UAE
Dh 4,200,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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
Opinion on the credit figure of US$ 150,000:
Established in 2005, subject is involved in the import and distribution
of pharmaceuticals, medical equipment and related accessories.
The above credit figure is higher than transactions previously seen and
a measure of caution would be prudent.
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%)