MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PICADALLY GENERAL TRADING FZC |
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Registered Office : |
Hamriyah Free Zone, PO Box 43027,
Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.01.2007 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and Distribution of General
Merchandise, Mainly Crude Oil, Crude Iodine and Steel Products. |
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$ 60,000 |
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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 :
PICADALLY GENERAL TRADING FZC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
15th January 2007
Trade Licence Number :
2255, Hamriyah Free Zone
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
5
Line of Business :
Import and distribution of general merchandise,
mainly crude
oil, crude iodine and steel products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
PICADALLY GENERAL TRADING FZC
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 43027
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5330141
Facsimile : (971-6) 5330841
Email : picadly@eim.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Hamriyah Free Zone.
KEY PRINCIPALS
· Chandra
Sekharan T. Iyer Managing
Director
· Tusher
Agrawal General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 15th
January 2007
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 2255, Hamriyah Free Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· Chandra
Sekharan T. Iyer
Note to the Legal
Form
A Free Zone Company - or FZC - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZC need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
general merchandise, mainly crude oil, crude
iodine and steel products.
Import Countries: Far East and India
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
Emirates Bank International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6)
733300
Fax : (971-6)
730077
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken in Sharjah 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.
Maximum suggested credit figure: US$ 60,000
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%)