MIRA
INFORM REPORT
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Report Date : |
26.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NOVOSTEEL DMMC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
26.08.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the fabrication of steel and the distribution of metals. |
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$ 30,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name :
NOVOSTEEL DMCC
Country of Origin :
Legal Form :
Limited Liability Company
Registration Date :
26th August 2007
Certificate Registration Number :
0968
Trade Licence Number :
30750
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
25
Line of Business :
Fabricators of steel and the distributors of metals.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
NOVOSTEEL DMCC
ADDRESS
Registered & Physical Address
Building :
Street :
Town :
Country :
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Yu Wing Keunt Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 26th
August 2007
Legal Form :
Limited Liability Company
Certificate Reg. No. : 0968
Trade Licence No. : 30750
Issued Capital : UAE
Dh 300,000
Paid up Capital : UAE
Dh 300,000
Name of Shareholder
(s) Percentage
Yu Wing Keunt 100%
LINE OF BUSINESS
Operations : Engaged in the fabrication of
steel and the distribution of metals.
Import Countries :
Subject has a workforce of 25 employees.
FINANCIAL
HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
Commercial Bank of
PO Box : 1709
Deira
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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$ 30,000
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%)