MIRA
INFORM REPORT
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Report Date : |
01.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
EURO TROUSER
MANUFACTURING CO FZC |
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Registered Office : |
Saif Zone, Office
J2/3, P O Box 8565, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
22nd June 2002 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the
manufacture of clothing items, specializing in trousers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EURO TROUSER MANUFACTURING CO FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 22nd June 2002
Trade Licence Number : 03-01-01368
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 370
Line of Business : Manufacturers of clothing items.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
EURO TROUSER
MANUFACTURING CO FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone, Office J2/3
PO Box : 8565
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5571819
Facsimile : (971-6) 5571817
Email : euro-trs@emirates.net.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Saif Zone Area of Sharjah.
KEY PRINCIPALS
·
Tarun Tulsiani Managing
Director
·
Jai Tulsiani General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 22nd
June 2002
Legal Form :
Free Zone Company - FZC
Trade Licence No. :
03-01-01368
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Tarun Tulsiani 100%
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of 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 clothing
items, specialising in trousers.
Import Countries
: Europe and the Far East.
Subject has a
workforce of approximately 370 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Sharjah, 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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HSBC Bank
Middle East
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2002, subject is involved in the manufacture of clothing items, specialising in
trousers.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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%)