MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
IBA MIDDLE EAST FZE |
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Registered Office : |
Jebel Ali Free
Zone, PO Box 261193, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.07.2003 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Distribution of General Merchandise, including Glass Doors, Windows and Skylights |
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 : IBA MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 20th July 2003
Trade Licence Number : 4026
Chamber Membership Number : 79096
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 20
Activities : Import and distribution of general merchandise, including glass doors,
windows and skylights
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
IBA MIDDLE EAST FZE
ADDRESS
Registered & Physical
Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 261193
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8819454
Facsimile : (971-4) 8812467
Email : merint@merint.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Jebel
Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Fazal Mahemood
Kassam Ali Menekia Indian Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 20th
July 2003
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 4026
(Expires 19/07/2008)
Chamber Member No. : 79096
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Fazal Mahemood
Kassam Ali Menekia 100%
OPERATIONS
Activities: Engaged
in the import and distribution of general merchandise, including glass doors, windows
and skylights
Import
Countries: Italy and India
Subject has a
workforce of 20 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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Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
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%)