MIRA
INFORM REPORT
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Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNFLOWER INTERNATIONAL CORPORATION LTD |
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Registered Office : |
RAK Free Zone, PO Box 12552 & 10559, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
09.11.2006 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Distributors of Building Materials, Plywood and General Foodstuff
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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Status : |
Branch of Foreign Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
SUNFLOWER INTERNATIONAL CORPORATION LTD
Country of Origin :
Isle of Man, United Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
9th November 2006
Trade Licence Number :
2130
Total Workforce :
3
Line of Business :
Distributors of building materials, plywood and general
foodstuff products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
SUNFLOWER INTERNATIONAL CORPORATION LTD
ADDRESS
Registered Address
Location : RAK Free Zone
PO Box : 12552 &
10559
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Physical Address
Location :
Al Rashidya Area
PO Box :
44513
Town :
Dubai
Country :
United Arab Emirates
Telephone : (971-4) 2863811
Facsimile : (971-4)
2863822
Mobile : (971-50)
2837173
Email : sicl@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
· Ammar Asim Jadhav Managing
Director
· Rajesh Motwani General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 9th
November 2006
Legal Form : Subject is the
United Arab Emirates registered branch of Sunflower
International
Corporation Ltd, a Limited Liability Company incorporated in the
Isle of Man, United Kingdom.
Sunflower International Corporation Ltd in the United Arab Emirates,
operates
as
a Branch of a Foreign Registered Corporation.
A Branch
of a Foreign Registered Corporation is not a legal entity in
its
own right. Responsibility for payments lays in the hands of the
company where it is originally registered.
Under these circumstances, we strongly advise that any
international trade credit should only be written under the name of
the
main company where the subject holds its registered office, in
this case the Isle of Man, United Kingdom.
Trade Licence No. : 2130
LINE OF BUSINESS
Operations : Engaged in the import and distribution of building
materials, plywood and general
foodstuff products.
Import Countries : Europe and GCC countries.
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box : 999
Dubai
Tel : (971-4)
2520455
Acc No. 012259982
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%)