MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIGOLD FACTORY DMCC |
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Registered Office : |
Emirates Street, Al Awir, PO Box 13453, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.11.2007 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Manufacture of Jewellery. |
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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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
INDIGOLD FACTORY DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company – FZ LLC
Registration Date :
27th November 2007
Trade Licence Number :
30009
Membership Number :
126517
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
15
Line of Business :
Manufacture of jewellery.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
INDIGOLD FACTORY DMCC
ADDRESS
Registered & Physical Address
Street : Emirates
Street
Area : Al Awir
PO Box : 13453
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3688727
Facsimile : (971-4)
3688728
Premises
Subject operates from a small suite of offices and a workshop that are
rented and located in the Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Hasit Kumar
Gulabrai Indian Managing Director
LEGAL FORM & OWNERS
Date of
Establishment : 27th
November 2007
Legal Form : Free Zone Company
– FZ LLC
Trade Licence No. : 30009 (Expires on 26/11/2008)
Membership No. : 126517
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Hasit Kumar
Gulabrai 100%
Note to the Legal
Form
A Free Zone Company (FZ LLC) is a Private Limited Liability Company, with its liability determined by the amoun tof paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the manufacture of jewellery.
Import Countries : South Africa and Thailand
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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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%)