MIRA
INFORM REPORT
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Report Date : |
01.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMVEE INCORPORATION FZC |
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Registered Office : |
Ajman Free Zone, Block A-1, Room No. 207, PO Box 21005,
Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
07.05.2002 |
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Com. Reg. No.: |
0912,
Ajman Free Zone |
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Legal Form : |
Free Zone Company
- FZCO |
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Line of Business : |
Import and Export of General Merchandise, Dealing Mainly
in Alcohol. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
EMVEE INCORPORATION FZC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 7th
May 2002
Trade Licence Number : 0912, Ajman Free Zone
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 11
Activities :
Import and export of general merchandise, dealing
mainly in alcohol.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 150,000
COMPANY NAME
EMVEE INCORPORATION FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone, Block A-1, Room No. 207
PO Box : 21005
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7448361
Facsimile : (971-6)
7426338
Mobile : (971-50)
4761611
Email : emveefze@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Ajman Free Zone.
KEY PRINCIPALS
Name Position
· Mohan
Varkey Panamdam Managing
Director
· Bobi
Varjes General
Manager
· Rajee
Alexander Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 7th
May 2002
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 0912, Ajman Free
Zone
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s)
· Mohan
Varkey Panamdam
OPERATIONS
Activities: Engaged in the import and export of general
merchandise, dealing mainly in alcohol.
Import Countries: United Kingdom, France, Germany, India and the
United States of America.
Subject has a workforce of 11 employees.
FINANCIAL DATA
Companies registered in Ajman, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
HSBC Bank Middle East
Main Branch
Ajman
Tel : (971-6)
5537222
Fax : (971-6)
5537880
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and
the above credit figure is within subject’s financial means.
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%)