MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARYA PETROLEUM
FZE |
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Registered Office : |
Hamriyah Free
Zone, P O Box 42008, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1st March 2006 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the
manufacture of speciality solvents and hydrocarbon fractional distillation. |
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 : ARYA PETROLEUM FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st March 2006
Trade Licence Number : 1674
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 50
Line of Business : Manufacturers of speciality solvents and hydrocarbon
fractional distillation.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ARYA PETROLEUM FZE
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 42008
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5739933
Facsimile : (971-6) 5739397
Email : aryapetroleum@yahoo.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Hamriyah Free Zone Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Captain Samimi
Raza Indian Managing Director
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C Daz - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
March 2006
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 1674
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Captain Samimi
Raza 100%
Note to the Legal Form
A Free Zone Establishment (FZE) 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.
AFFILIATED COMPANIES
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Arya Petroleum
International FZC
Hamriyah Free Zone
PO Box : 42008
Sharjah
Tel : (971-6) 5739933
Fax : (971-6) 5739397
LINE OF BUSINESS
Operations : Engaged in the manufacture of speciality
solvents and hydrocarbon fractional distillation.
Import Countries
: Europe and GCC countries.
Subject has a
workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed
business and as a result financial information is not currently available.
BANKERS
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Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 5733300
Fax : (971-6) 5730077
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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$ 50,000
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%)