MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
STIFFLEX INTERNATIONAL FZE |
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Registered Office : |
RAK
Free Zone, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.04.2008 |
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Com. Reg. No.: |
S 002503, Ras Al Khaimah |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Export of Leather
Products, Ready Made Garments and Textiles |
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$ 30,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : STIFFLEX INTERNATIONAL FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st April 2008
Trade Licence Number : S 002503, Ras Al Khaimah
Chamber Membership Number : 83226
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 2
Activities : Import and export of leather products, ready made garments and textiles
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 30,000
COMPANY NAME
STIFFLEX
INTERNATIONAL FZE
ADDRESS
Registered Address
Location : RAK Free
Zone
Town : Ras Al Khaimah
Country : United Arab Emirates
Physical Address
Building : 217 Twin Towers, RAK Businessmen Centre
Street : Baniyas Road
PO Box : 4404 & 94180
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2088690 / 2088413 / 2088382
Facsimile : (971-4) 2088699
Mobile : (971-50) 1695876
Email : stifflex@rakfzbc.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Position
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Riyaz
Ahmed Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
April 2008
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : S 002503, Ras Al Khaimah
Chamber Member No. : 83226
Issued Capital : UAE Dh 100,000
Paid up Capita l : UAE Dh 100,000
Name of Shareholder (s) Percentage
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Riyaz
Ahmed 100%
OPERATIONS
Activities: Engaged in the import
and export of leather products, ready made garments and textiles.
Import
Countries: Pakistan and
India
Subject has a
workforce of 2 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)