MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAGRIK GULF FZC |
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Registered Office : |
Ajman Free Zone, Plot Number B1-209 PO Box 21184, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.07.2006 |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Distributor of
scrap lead, batteries, melted lead, lead blocks, lead concentrate and lead
ore. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : PAGRIK GULF FZC
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 27th
July 2006
Trade Licence Number : 2887
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 3
Line of Business :
Distributor of scrap lead, batteries, melted lead, lead blocks,
lead concentrate and lead ore.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
PAGRIK GULF FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free
Zone, Plot Number B1-209
PO Box : 21184
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7456707
Facsimile : (971-6)
7456708
Mobile : (971-50)
5872883
Email : info@pagrikgulf.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Ajman Free Zone.
Branch Offices
Subject has branch offices located in Colombo, Ghana and Ethiopia.
KEY PRINCIPALS
· Vijendra Singh Managing
Director
· Ram Sharan Director
· Sandra Sagis Mundo General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 27th
July 2006
Legal Form : Free Zone Company
- FZC
Trade Licence No. : 2887
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· Vijendra Singh
· Ram Sharan
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.
AFFILIATED COMPANIES
· Gravita Exim
Limited
Rajasthan
India
LINE OF BUSINESS
Operations : Engaged in the import and distribution of scrap lead,
batteries, melted lead, lead blocks,
lead concentrate and lead ore.
Import Countries : Europe and the Far East.
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
·
National Bank of Abu Dhabi
Main Street
PO Box : 988
Ajman
Tel : (971-6)
5422996
Fax : (971-6)
5425750
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 Ajman 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$ 100,000
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%)