MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDISH GROUP FZC |
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Registered Office : |
Saif Zone, PO Box 8303,Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.05.2005 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Manufacturers of Concrete Flooring and Wall Tiles |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : INDISH GROUP FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 11th May 2005
Trade Licence Number : 03-04-02967
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 35
Line of Business : Manufacturers of concrete flooring and wall tiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
INDISH GROUP FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 8303
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5570519
Facsimile : (971-6)
5570594
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Saif Zone Area of Sharjah.
KEY PRINCIPALS
· Sunair Kalathil
Hamza Managing
Director
· Alexander Boturain Director
LEGAL FORM & OWNERS
Date of
Establishment : 11th
May 2005
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 03-04-02967
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· Sunair Kalathil
Hamza
· Alexander Boturain
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 concrete flooring
and wall tiles.
Import Countries : Europe and the Far East.
Subject has a workforce of 35 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/06 :
Total Revenue UAE
Dh 8,690,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Abu Dhabi Commercial Bank
Mina Road
PO Box : 4377
Sharjah
Tel : (971-6)
5737000
Fax : (971-6)
5725331
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2005, subject is involved in the manufacture of concrete
flooring and wall tiles.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk and
the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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%)