MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
COTTON TEX INTERNATIONAL FZE |
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Registered Office : |
Ajman Free Zone,
Plot No. D-55, PO Box 40176, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.01.2006 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Distribution of Readymade Garments and Textiles |
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$ 50,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : COTTON TEX INTERNATIONAL FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 5th January 2006
Trade Licence Number : 1329
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Activities : Import and distribution of readymade garments and textiles
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 50,000
COMPANY NAME
COTTON TEX
INTERNATIONAL FZE
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone, Plot No. D-55
PO Box : 40176
Town : Ajman
Country : United Arab Emirates
Mobile : (971-50) 8459709
Email : ctex2@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Free Zone Area of Ajman.
Note
Subject moved to
the above address in late 2007 and was formerly located at the following
location:
Ajman Free Zone,
Plot No. A 1/626
PO Box 46216
Ajman
KEY PRINCIPALS
Name Position
·
Antul Kumar Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 5th
January 2006
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 1329
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name
of Shareholder (s) Percentage
·
Antul Kumar 100%
OPERATIONS
Activities: Engaged in the import and distribution of
readymade garments and textiles.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 3 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
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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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
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%)