MIRA INFORM REPORT
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Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
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Name : |
COMMODITY TRADING INTERNATIONAL FZC |
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Registered Office : |
Twin Tower, 2nd
Floor, Office No. 208 B, Deira, P.O.Box No 172849, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
March 2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importers and distributors of general merchandise including
machineries spare parts and packing materials |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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Litigation : |
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company
NAME
Commodity Trading International FZC
COMPANY
ADDRESS
Building : Twin Tower, 2nd Floor, Office No. 208 B
Area : Deira
P.O.Box No. : 172849
Town : Dubai
Country : United Arab Emirates
Telephone : (971 4) 223
8801 / 227 3538
Fax : (971 4) 227 3538
E-Mail : cti@ctidxb.com
SENIOR
COMPANY PERSONNEL
Name Position
1. Tejas Modh Managing Director
2. Mellar Patel Chief Accountant
Total Employees : 3
PAYMENTS
No trade experience of payments is available.
Subject is a newly established company incorporated in March 2010.
Opinion on maximum credit : As the subject has recently started
trading and has no financial or payment
track
record, we recommend dealing on
fully
secured terms.
Trade risk assessment: High
PRINCIPAL BANKERS
NAME : STANDARD CHARTERED BANK
Branch : Al Mankhool Street
PO Box : 999
Town : Dubai
Telephone : (971 4) 352
0455
Fax : (971 4) 352 6679
FINANCIAL INFORMATION
As the Company has only recently been established, relevant financial
information is not available.
LEGAL STATUS AND HISTORY
Date Started : March 2010
History : The subject company was established in Ras Al Khaimah Free
Zone in March 2010. Subject is registered in Ras Al Khaimah Free Zone but
maintains its administrative offices in Dubai.
Capital : not given
Free Zone Company (limited
liability company) with the following sole shareholder :
Tejas Modh
* According to law No.9 governing
the establishment of companies in
the Jebel Ali Free Zone, which
was introduced in early 1992 and came
into force in October 1992,
foreign companies are allowed to set up
separate legal entities referred
to as Free Zone Establishments
(FZEs) and Free Zone Companies
(FZCO) having all features of a
Private Limited Liability
Company. The FZE can be either owned by a
foreign individual or a corporate
body. Its liability is determined
by the amount of paid-up capital,
which must be at least Dh 1
million. Previously, FZEs had to
be branches of a company registered
in a foreign country. A FZCO
legal form allows investors to establish
a company in Jebel Ali Free Zone
having more than one shareholders
(FZE only permits one shareholder).
Its minimal registered capital is
Dh 500,000.
ACTIVITIES
The Company is involved in the following activities :
Trading as importers and distributors of general merchandise including
machineries spare parts and packing materials.
Imports from Asia, mainly from India and China.
Exports to African Countries.
FACILITIES
The Company has the following facilities :
Rented administrative offices located at the heading address.
SPECIAL NOTE
This amended report is sent as a replacement of our previous report Ref:
709514.01.C.NAN.X / dated 15/07/2011.
Interviewed: Tejas Modh (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.61 |
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UK Pound |
1 |
Rs.75.32 |
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Euro |
1 |
Rs.65.68 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.