MIRA
INFORM REPORT
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Report Date : |
12.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SRI SENTIK
GENERAL TRADING 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 : |
2002 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
import and distribution of electronic products. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SRI SENTIK GENERAL TRADING FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 2002
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 6
Line of Business : Distributors of electronic products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SRI SENTIK GENERAL
TRADING FZE
ADDRESS
Registered & Physical Address
Building :
Area : Deira
PO Box : 57895
Town :
Country :
Telephone : (971-4) 2295923
Facsimile : (971-4) 2295924
Email : srisentik2003@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
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Rakesh
Jain Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 2002
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
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Rakesh
Jain 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
electronic products.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 6 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 4,200,000 UAE Dh 4,710,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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Standard
Chartered Bank
PO Box : 999
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2002, subject is owned and managed by Mr Rakesh Jain who is well respected in
the local business community.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business 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%)