MIRA
INFORM REPORT
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Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HONEYWELL MIDDLE EAST FZE |
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Registered Office : |
Building Lob 08, Office 119, Sheikh Zayed Road, Jebel Ali Free Zone,
PO Box 18530, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
24.06.2007 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Production, Installation and Maintenance of Security and
Communications Equipment, Access Systems, and Video Systems. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HONEYWELL MIDDLE EAST
FZE
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 24th
June 2007
Trade Licence Number : 7360
Chamber Membership
Number : 120636
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 90
Activities :
Production, installation and maintenance of security and communications
equipment, access systems, and video systems.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 100,000
COMPANY NAME
HONEYWELL MIDDLE EAST FZE
ADDRESS
Registered & Physical Address
Building : Building Lob
08, Office 119
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 18530
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8073200
Facsimile : (971-4)
8815543
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
· Mark Fenton British Managing Director
LEGAL FORM & OWNERS
Date of
Establishment : 24th
June 2007
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 7360 (Expires 23/06/2008)
Chamber Member No. : 120636
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Honeywell International
Inc 100%
2 Corporate Centre
Drive
Melville, New York
11747
United States of
America
Tel: (1-516)
5772000
OPERATIONS
Activities: Engaged in the production, installation and maintenance of security and
communications equipment,
access systems, and video systems.
Import Countries: United States of America
Subject has a workforce of 90 employees.
FINANCIAL DATA
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
HSBC Bank Middle East
Deira Souk Branch
PO Box :
66
Dubai
Tel :
(971-4) 2535000
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.
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%)