MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUNE CORPORATION |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box 17353, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.04.2000 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and Distribution of Petroleum Products, Adhesives, Chemical Plastics, Raw
Materials and Machinery |
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$ 100,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DUNE CORPORATION
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 29th April 2000
Trade Licence Number : 2411
Chamber Membership Number : 58603
Issued Capital : UAE Dh 1,110,000
Paid up Capital : UAE Dh 1,110,000
Total Workforce : 8
Activities : Import and distribution of petroleum products, adhesives, chemical plastics, raw materials and machinery
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
DUNE CORPORATION
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17353
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811508
Facsimile : (971-4) 8811504
Email : dubai@dunecorporation.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Pradip
Jayendralal Nathalal Chandaria British Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 29th
April 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Neem Corporation Inc, a Limited
Liability Company incorporated in the
British Virgin Islands.
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 British Virgin Islands.
Trade Licence No. : 2411
Chamber Member No. : 58603
Issued Capital : UAE Dh 1,110,000
Paid up Capital : UAE Dh 1,110,000
OPERATIONS
Activities: Engaged in the import and distribution of
petroleum products, adhesives, chemical plastics, raw materials and machinery.
Import
Countries: United States of
America and China
Subject has a
workforce of 8 employees.
FINANCIAL DATA
Companies registered
in Dubai, United Arab Emirates are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
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%)