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MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
OVERSEAS MULTI PROJECTS CORP FZC (OMPC) |
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Registered Office : |
Saif
Zone, PO Box 9059,
Sharjah |
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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 : |
24.05. 2004 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Export of Office Systems,
Sofas and Chairs, Work Stations, Conference Systems, Wooden Doors and
Decorative Products as well as Engineering Equipment and Hardware Products |
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 : OVERSEAS MULTI PROJECTS CORP FZC (OMPC)
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 24th May 2004
Trade Licence Number : 02332, Saif Zone
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 4
Activities :
Import and export of office systems, sofas and
chairs, work stations,
conference systems, wooden doors and
decorative products as well as
engineering equipment and hardware products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
OVERSEAS
MULTI PROJECTS CORP FZC (OMPC)
ADDRESS
Registered Address
Location : Saif
Zone
PO Box : 9059
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5573050
Physical Address
Building : Al
Maktoum Building, 3rd Floor, Office No. 309
Street : Damascus
Street
Area : Al Quasis
Area
PO Box : 99360
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2584119
Facsimile : (971-4) 2583686
Email : info@ompc-uae.net
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Position
·
Akram
Abdo Aleem Garyani Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 24th
May 2004
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 02332, Saif Zone
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s)
·
Akram
Abdo Aleem Garyani
OPERATIONS
Activities: Engaged in the import
and export of office systems, sofas and chairs, work stations, conference
systems, wooden doors and decorative products as well as engineering equipment
and hardware products.
Import
Countries: Italy
International
Suppliers:
·
B&B Italia Italy
Operating Trend: Steady
Subject has a
workforce of 4 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:
Total Sales UAE Dh 8,100,000 UAE Dh 9,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
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%)