MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
RIGHT WAY INTERNATIONAL TRADING FZE |
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Registered Office : |
Hamriyah Free Zone, PO Box 42679,
Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.05.2007 |
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Com. Reg. No.: |
2618, Hamriyah Free Zone |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Distribution of General Merchandise. |
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$ 60,000 |
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Status : |
New Company |
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Payment Behaviour : |
So Far Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : RIGHT WAY INTERNATIONAL TRADING FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 29th May 2007
Trade Licence Number : 2618, Hamriyah Free Zone
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 general merchandise.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
RIGHT WAY INTERNATIONAL TRADING FZE
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 42679
Town : Sharjah
Country : United Arab
Emirates
Mobile : (971-50) 5682618
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Hamriyah Free Zone.
KEY PRINCIPALS
· Kumar
Gourav Managing
Director
LEGAL FORM & OWNERS
Date of
Establishment : 29th
May 2007
Legal Form : Mouassasat Al Mintaka
Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 2618, Hamriyah
Free Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Kumar
Gourav 100%
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 general merchandise.
Import Countries: Asia and Europe.
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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Habib Bank Ltd
PO Box : 300
Sharjah
Tel : (971-6)
5356116
Fax : (971-6)
5526473
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Investigations undertaken in Sharjah did not reveal any sign of payment
defaults or delays during initial trading stages, and subject is believed to
meet its payment obligations in a timely manner, nevertheless, and in view of
the company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
Maximum suggested credit figure: US$ 60,000
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%)