MIRA
INFORM REPORT
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Report Date : |
13.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HERTECANT MIDDLE EAST FZCO |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box
262445, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.05.2008 |
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Com. Reg. No.: |
102291, Dubai |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Producers of Forged Stainless Steel Flanges. |
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 : HERTECANT MIDDLE EAST FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 5th May 2008
Commercial Registration Number : 102291, Dubai
Trade Licence Number : 101824
Chamber Membership Number : 136369
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Activities : Producers of forged stainless steel flanges.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 15,000
COMPANY NAME
HERTECANT MIDDLE
EAST FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 262445
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8865140
Facsimile : (971-4) 8865141
Email : hertmefz@eim.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone.
KEY PRINCIPALS
Name Nationality Position
·
Deepak Sekhri Indian Managing Director
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Venkat
Krishnan Indian General Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th
May 2008
Legal Form :
Free Zone Company - FZCO
Commercial Reg. No. : 102291, Dubai
Trade Licence No. : 101824
(Expires 04/11/2008)
Chamber Member No. : 136369
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
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Hertecant NV
Lossing 22
B-2260 Heultje Westerlo
Belgium
Tel : (32-15) 224910
Fax : (32-15) 225388
OPERATIONS
Activities: Engaged in the production of forged
stainless steel flanges.
Import
Countries: Belgium and the
Netherlands.
Subject has a
workforce of 4 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
In view of subject’s
infancy, extensive payment and financial are not available, therefore dealings
are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.67 |
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UK Pound |
1 |
Rs.80.92 |
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Euro |
1 |
Rs.63.71 |
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%)