MIRA
INFORM REPORT
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Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIRIAN FZE |
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Formerly Known as : |
MIRIAN STEEL FZE |
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Registered Office : |
RAK Free Trade
Zone, PO Box 10559, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
08.11.2007 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Importer and Exporter of
Engineering Equipment for Steel Foundries. |
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$ 25,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
MIRIAN FZE
Previously Known As : MIRIAN STEEL FZE
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 8th November 2007
Trade Licence Number : 3107, Ras Al Khaimah Free Trade Zone
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 2
Activities : Import and export of engineering equipment for steel foundries.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 25,000
COMPANY NAME
MIRIAN
FZE
PREVIOUSLY KNOWN AS
MIRIAN
STEEL FZE
ADDRESS
Registered Address
Location : RAK Free Trade Zone
PO Box : 10559
Town : Ras Al Khaimah
Country : United Arab Emirates
Physical Address
Location : Union
Pharma Building, 4th Floor, Flat No. 48
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-6) 5534262
Facsimile : (971-6) 5534262
Mobile : (971-50) 6789908
Email : miriandx@eim.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Suburban
Business Area of Sharjah.
KEY PRINCIPALS
Name Position
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Kalpesh
R Patel Managing
Director
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Rafiq
Shukla General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th
November 2007
History : Subject was registered in 2007 under the
name of “Mirian Steel FZE”. However on 21st
February 2008 the company
re-registered under the new name of “Mirian FZE”.
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 3107, Ras Al Khaimah Free Trade Zone
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s) Percentage
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Kalpesh
R Patel 100%
OPERATIONS
Activities: Engaged in the
import and export of engineering equipment for steel foundries.
Import
Countries: India and the
United Kingdom.
Subject has a
workforce of 2 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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First Gulf
Bank
PO Box 52053
Dubai
Tel: (971-4) 2941234
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Mirian
FZE is a newly established
business with operations commencing in November 2007. It is engaged in the import and export of engineering equipment for steel
foundries.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk,
however a measure of caution would be prudent given the lack of financial and
payment due to the short operating history.
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%)