MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MK INTERNATIONAL
GROUP LTD FZE |
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Registered Office : |
Saif Zone,
Executive Suite E-03, |
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Country : |
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Date of Incorporation : |
19th July 1999 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Engaged in the
import and distribution of general merchandise, including jewellery, ready made
garments, building materials, foodstuffs and electrical appliances. |
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 : MK INTERNATIONAL GROUP LTD FZE
Also Known As : MKI GROUP LTD
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 19th July 1999
Trade Licence Number : 559
Membership Number : 700126
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 3
Line of Business : Distributors of general merchandise.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
MK INTERNATIONAL
GROUP LTD FZE
ALSO KNOWN AS
MKI GROUP LTD
ADDRESS
Registered & Physical Address
Location : Saif Zone, Executive Suite E-03
PO Box : 8236 & 8130
Town : Sharjah
Country :
Telephone : (971-6) 5570735
Facsimile : (971-6) 5570735
Email : trading@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Saif Zone Area of Sharjah.
Branch Office
Location Description
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Golden
House, 3rd Floor, Flat No. 302 Office
premises
Gold Souk, Deira
Tel : (971-4) 2254622 / 2263191
Fax
: (971-4) 2263818
Email: viren@emirates.net.ae
KEY PRINCIPALS
Name Nationality Position
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Motasim
Kader Abdullah Kenon Sudanese Managing Director
LEGAL FORM &
OWNERS
Date of Establishment : 19th
July 1999
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 559
Membership No. :
700126
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
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Motasim
Kader Abdullah Kenon 100%
Note to the Legal Form
A Free Zone Establishment (FZE) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
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, ie minimum of 51% equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of general
merchandise, including jewellery, ready made garments, building materials,
foodstuffs and electrical appliances.
Import Countries
: Europe and the
Subject has a
workforce of 3 employees.
FINANCIAL
HIGHLIGHTS
Companies
registered in
BANKERS
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National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
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The
Standard Chartered Bank
Mankhool Branch
PO Box : 999
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000
Established in
1999, subject is owned and managed by Mr Motasim Kader Abdullah Kenon, a
Sudanese national who is well respected in the local business community.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company 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%)