MIRA INFORM REPORT
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Report Date : |
23.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRANSCON GENERAL TRADING COMPANY LLC |
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Registered Office : |
New Industrial Area, PO Box 20694, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.07.2003 |
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Com. Reg. No.: |
35777, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Printing Equipment and
Chemicals |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : TRANSCON GENERAL TRADING COMPANY LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th July 2003
Commercial Registration Number : 35777, Ajman
Trade Licence Number : 26084
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 20
Activities : Import and distribution of printing equipment and chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TRANSCON GENERAL TRADING COMPANY LLC
ADDRESS
Registered &
Physical Address
Location : New
Industrial Area
PO Box : 20694
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7436221
Facsimile : (971-6) 7436220
Email : transco@eim.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
· Sundarsen Janardnan Nair Indian Managing Director
· Vilupilla
Rama Chandaran Indian Director
· Sheikh Majid Bin Saeed Rashid Al Nuaimi Emirati Director
· Janar Dhar - General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 19th
July 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 35777, Ajman
Trade Licence No. : 26084
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
· Sundarsen Janardnan Nair
· Vilupilla
Rama Chandaran
· Sheikh Majid Bin Saeed Rashid Al Nuaimi
AFFILIATED COMPANIES
· Asiatic Printing
Press LLC
Ajman
OPERATIONS
Activities: Engaged in the import and distribution of printing equipment and
chemicals.
Import Countries: Europe and India
International Suppliers:
· Technova India
Operating Trend: Steady
Subject has a workforce of 20 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year Ending
31/12/07:
Total Sales UAE
Dh 4,460,000 UAE Dh
6,380,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Vilupilla Rama Chandaran, Director.
BANKERS
·
Abu Dhabi Commercial Bank
PO Box 1843
Ajman
Tel: (971-6)
7443444
Fax: (971-6) 7443300
Acc No.
261529020001
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction August
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 2003, subject is involved in the import and distribution
of printing equipment and chemicals.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.33 |
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UK Pound |
1 |
Rs. 84.32 |
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Euro |
1 |
Rs. 66.75 |
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%)