MIRA
INFORM REPORT
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Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TITAN STAR GENERAL TRADING FZC |
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Registered Office : |
Ajman Free Zone,
Office No. A1-219/220, PO Box 22769,
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 : |
2003 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Distribution of Building Materials, Paint, Chemicals
and Electrical Fittings |
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 : TITAN STAR GENERAL TRADING FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 2003
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Activities : Import and distribution of building materials, paint, chemicals and electrical fittings
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TITAN STAR GENERAL
TRADING FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone, Office No.
A1-219/220
PO Box : 22769
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7475228
Facsimile : (971-6) 7475229
Mobile : (971-50) 6452734
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Ajman Free Zone.
KEY PRINCIPALS
Name Position
·
Sunil Kumar Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 2003
Legal Form :
Free Zone Company - FZCO
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Sunil Kumar 100%
AFFILIATED COMPANIES
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Souvenir
Building Materials LLC
Ahmed Kalel Albaker Building, Suite No. 425
Al Nakheel Street
Naif
PO Box : 41376
Dubai
Tel : (971-4) 2241807
Fax : (971-4) 2241936
OPERATIONS
Activities: Engaged in the import and distribution of
building materials, paint, chemicals and electrical fittings.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 4 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 6,900,000 UAE Dh 7,250,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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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
Established in 2003,
subject is involved in the import and distribution of building materials,
paint, chemicals and electrical fittings.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
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%)