MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASIAN GLORY TRADING FZE |
|
|
|
|
Registered Office : |
New Sanaya
Industrial Estate, Ajman Free Zone, PO Box
3522, Ajman |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
28.08.2005 |
|
|
|
|
Com. Reg. No.: |
2142, Ajman Free Zone |
|
|
|
|
Legal Form : |
Free Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Wholesale of Granite and Tiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ASIAN GLORY TRADING FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 28th August 2005
Trade Licence Number : 2142, Ajman Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 4
Activities : Wholesale of granite and tiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
ASIAN GLORY TRADING
FZE
ADDRESS
Registered & Physical Address
Location : New Sanaya Industrial Estate, Ajman Free Zone
PO Box : 3522
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7434221
Facsimile : (971-6) 7434223
Email : transcon@eim.ae
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Industrial Area of Ajman.
KEY PRINCIPALS
Name Position
·
Shawokat
Ali Qader Mohideen Managing
Director
·
Ratish
Poligra Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 28th
August 2005
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 2142, Ajman Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Shawokat
Ali Qader Mohideen 100%
AFFILIATED COMPANIES
·
Asiatic
Printing Press LLC
Ajman
Tel: (971-6) 7434221
Fax: (971-6) 7434223
OPERATIONS
Activities: Engaged in the wholesale of granite and
tiles.
Import
Countries: Italy and India
Operating Trend: Steady
Subject has a
workforce of 4 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 7,210,000 UAE Dh 8,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Ratish Poligra, Finance
Manager.
BANKERS
·
Abu
Dhabi Commercial Bank
PO Box : 1843
Ajman
Tel
: (971-6) 7443444
Fax
: (971-6) 7443300
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)