MIRA
INFORM REPORT
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Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDRAK TRADING FZE |
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Registered Office : |
RAK Free Zone, PO Box 10559, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.10.2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Distribution of Furniture and Medical Equipment |
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$ 20,000 |
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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : INDRAK TRADING FZE
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 17th October 2007
Trade Licence Number : 3109
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 2
Line of Business : Import and distribution of furniture and medical equipment
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
INDRAK TRADING FZE
ADDRESS
Registered & Physical Address
Location : RAK Free Zone
PO Box : 10559
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2077343
Facsimile : (971-7)
2041010
Mobile : (971-50)
9029219
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the RAK Free Zone.
KEY PRINCIPALS
· Albert Antony Managing
Director
· M. Semago Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 17th
October 2007
Legal Form : Mouassasat Al
Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 3109
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· Albert Antony
Note to the Legal
Form
A Free Zone Establishment - or FZE - is
an establishment formed and registered within the Free Zones and regulated
solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100
percent foreign ownership within the United Arab Emirates and allows foreign
companies to maintain a presence in the UAE (within the free zone), without the
usual requirement of a local sponsor that would hold majority ownership, i.e.
minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of furniture and medical
equipment.
Subject has a workforce of 2 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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Union National Bank (UNB)
Muntaser Road
Al Nakheel Area
PO Box 5756
Ras Al Khaimah
Tel: (971-7) 2282432
Fax: (971-7) 2286510
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
Maximum suggested credit figure: US$ 20,000
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%)