MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAFEEZ MIDDLE EAST FZC |
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Registered Office : |
Ajman Free Zone, Office No. A1-208, PO Box 2119,
Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
28.02.2004 |
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Com. Reg. No.: |
1410, Ajman Free Zone |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Export of General
Merchandise. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : NAFEEZ MIDDLE EAST FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 28th February 2004
Trade Licence Number : 1410, Ajman Free Zone
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Total Workforce : 5
Activities : Import and export of general merchandise.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
NAFEEZ MIDDLE EAST FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone, Office No. A1-208
PO Box : 2119
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7475184
Facsimile : (971-6) 7475185
Mobile : (971-50) 4561667
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
· Lugman
Khouaja Indian Managing Director
· Abdul
Jabar Mohamed Indian Director
LEGAL FORM & OWNERS
Date of
Establishment : 28th
February 2004
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 1410, Ajman
Free Zone
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Name of Shareholder (s)
· Lugman
Khouaja
· Abdul
Jabar Mohamed
OPERATIONS
Activities: Engaged in the import and export of general
merchandise.
Import Countries: Europe, India, Asia and China.
Operating Trend: Steady
Subject has a workforce of 5 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 7,300,000 UAE Dh
8,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Mashreq Bank Plc
PO Box : 11
Ajman
Tel: (971-6) 7422440
Fax: (971-6) 7426690
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and
the above credit figure is within subject’s financial means.
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%)