MIRA
INFORM REPORT
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Report Date : |
07.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
JUMEIRAH OVERSEAS FZE |
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Registered Office : |
Saif Zone, PO
Box 9117, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.03. 2004 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Manufacture of Men’s and Women’s Clothing |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : JUMEIRAH OVERSEAS FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 29th March 2004
Trade Licence Number : 030102213, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 150
Activities : Manufacture of men’s and women’s clothing
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 250,000
COMPANY NAME
JUMEIRAH OVERSEAS
FZE
ADDRESS
Registered & Physical Address
Location : Saif Zone
PO Box : 9117
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5572477 / 5571911
Facsimile : (971-6) 5573119
Mobile : (971-50) 6796404
Email : inquiry@concord-uae.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Saif Zone of Sharjah.
KEY PRINCIPALS
Name Position
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Gomathy
Ramaswamy Managing Director
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Padmahabha
Shridar Sharma General
Manager
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Rajesh Menon Sales
Manager
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Ajou
Acutia Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 29th
March 2004
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. :
030102213, Saif Zone
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Concord
Ventures Exports LLC 100%
Carrera Building
PO Box : 54326
Dubai
OPERATIONS
Activities: Engaged in the manufacture of men’s and
women’s clothing, specialising in lingerie and underwear.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of approximately 150 employees.
FINANCIAL DATA
Companies
registered in Sharjah, 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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Habib Bank AG
Zurich
Immigration Road
PO Box : 1166
Sharjah
Tel : (971-6) 5730004
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
2004, subject is involved in the manufacture of men’s and women’s clothing,
specialising in lingerie and underwear.
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
business is considered to be a fair trade risk and the above credit figure is
deemed to be 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%)