MIRA
INFORM REPORT
|
Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GOLDLINE WORLDWIDE INC |
|
|
|
|
Registered Office : |
Suite C-3-31/07, Saif Zone, P O Box - 8443 & 33589,
Sharjah, |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
26.12.2001 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Wholesalers and Retailers of General Building Materials and Scrap Metal |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
US$ 75,000 |
|
|
|
|
Status : |
Clear |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name :
GOLDLINE WORLDWIDE INC
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
26th December 2001
Trade Licence Number :
01-03-01164
Total Workforce :
10
Line of Business :
Wholesalers and retailers of general building materials and scrap metal.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
GOLDLINE WORLDWIDE INC
ADDRESS
Registered & Physical Address
Building : Suite
C-3-31/07
Area : Saif Zone
PO Box : 8443 &
33589
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5421228
/ 5570056
Facsimile : (971-6)
5421229 / 5421053
Mobile : (971-50)
4946390
Email : mass2002@eim.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Saif Zone of Sharjah.
KEY PRINCIPALS
Jasmine Colar Anand Managing
Director
Rezwan Ali Assistant
General Manager
Raheel Ahmed Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 26th
December 2001
Legal Form : Subject is the
United Arab Emirates registered branch of Goldline Worldwide Inc, a
company incorporated in the British Virgin
Islands.
Goldline Worldwide Inc 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 British
Virgin Islands.
Trade Licence No. : 01-03-01164
LINE OF BUSINESS
Operations : Engaged in the
wholesale and retail of general building materials, tools and scrap metal.
Import Countries : Europe and the
Far East.
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Sales UAE
Dh 4,290,000 UAE
Dh 4,675,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq Bank Plc
PO Box : 9271
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Goldline Worldwide Inc was established in the Saif Zone, Sharjah during
December 2001 and is a foreign registered branch of Goldline Worldwide Inc, a
company incorporated in the British Virgin Islands.
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 company is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 75,000
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)