MIRA
INFORM REPORT
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Report Date : |
01.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ELIN INSULATION FZ LLC |
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Registered Office : |
RAK Investment
Authority Free Zone, Plot No. A36, PO Box 31291,
Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.05.2008 |
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Com. Reg. No.: |
31308 |
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Legal Form : |
Free Zone Limited Liability Company – FZ LLC |
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Line of Business : |
Import and Distribution of Insulation Materials |
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$ 15,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ELIN INSULATION FZ LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Limited Liability Company – FZ LLC
Registration Date : 27th May 2008
Commercial Registration Number : 31308
Trade Licence Number : 80812
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 5
Activities : Import and distribution of insulation materials
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 15,000
COMPANY NAME
ELIN INSULATION FZ
LLC
ADDRESS
Registered &
Physical Address
Location :RAK Investment Authority Free Zone,
Plot No. A36
PO Box : 31291
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2446533
Facsimile : (971-7) 2447202
Premises
Subject operates
from a small suite of offices that are rented and located in the RAK Investment
Authority Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
S.
M Amman Turkish Managing Director
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Kas
Patel Indian Director
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Hassan
Mohamed Emirati Director
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Orhan
Kakani Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 27th
May 2008
Legal Form :
Free Zone Limited Liability
Company – FZ LLC
Commercial Reg. No. : 31308
Trade Licence No. : 80812 (Expires 18/05/2009)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s)
·
S.
M Amman
·
Kas
Patel
·
Hassan
Mohamed
·
Orhan
Kakani
OPERATIONS
Activities: Engaged in the import and distribution of insulation materials.
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
National Bank
of Ras Al Khaimah
NBRAK Building
PO Box : 5300
Ras Al Khaimah
Tel : (971-7) 2221127
Fax : (971-7) 2224202
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.37 |
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UK Pound |
1 |
Rs.84.01 |
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Euro |
1 |
Rs.65.96 |
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%)