MIRA INFORM REPORT

 

 

Report Date :

12.07.2011

 

IDENTIFICATION DETAILS

 

Name :

ART INTERNATIONAL LIMITED

 

 

Registered Office :

LOB 17, Office No. 410 Jebel Ali Free Zone Area P.O. Box  61095 Dubai

 

 

Country :

United Arab Emirates

 

 

Year of Establishment :

July 1994

 

 

Legal Form :

Free Zone Establishment (single shareholder limited liability company)

 

 

Line of Business :

Trading as importers and exporters of chemical raw materials for the pharmaceutical and petrochemical industry.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 50,000

 

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

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

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company Name  

 

Art International Limited (Correct)

Art International Ltd (Requested)

 

 

ADDRESS

 

Building : LOB 17, Office No. 410

 

Area     : Jebel Ali Free Zone Area

 

P.O. Box : 61095

Town     : Dubai

Country  : United Arab Emirates

 

Telephone: (971 4) 887 0880

Fax      : (971 4) 887 0882

E-Mail   : artintl@emirates.net.ae

 

 

SENIOR COMPANY PERSONNEL

 

Name                            Position

 

Ami Iyengar                  Managing Director

(currently on holiday)

 

Total Employees : 3

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject's Managing Director is currently on prolonged holiday trip. Subject's employers however stated that the company operates normally, in line with its historic performance.

 

We consider it is acceptable to deal with subject for SMALL amounts,

although in view of the above international suppliers may wish to

exercise a measure of caution where protracted or larger dealings are envisaged pending fuller information.

 

Opinion on maximum credit : Dh 50,000 (due attention will be

                            given to above remarks).

 

Trade risk assessment : Normal

 

PRINCIPAL BANKERS

 

NAME     : STANDARD CHARTERED BANK

 

Branch   : Jebel Ali, Opposite Jebel Ali Police Station

PO Box   : 16920

Town     : Dubai

 

Telephone: (971 4) 508 5200 / 881 6600

Fax      : (971 4) 881 6670

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to

publish or disclose balance sheets. However, the subject

interviewed offered the following information (latest availabile) :

 

Sales Turnover      : Dh 2,000,000 - 2005 - exact

                    : Dh 2,200,000 - 2006 - exact

                    : Dh 2,700,000 - 2007 - exact

                    : Dh 2,700,000 - 2008 - exact

 

Net Profit          : not given but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : July 1994

 

DCCI Membership No.: 32015 (issue date: 13 September 1994 - valid)

 

Capital : Dh 1,000,000

 

 

Free Zone Establishment (single shareholder limited liability

company) with the following sole shareholder :

 

Ami Iyengar                                100%

(Indian national)

 

* 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 exporters of chemical raw materials for the

pharmaceutical and petrochemical industry.

 

Imports from India, USA, China and Europe.

 

Exports to India and European and Asian countries.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising offices and warehousing facilities located

at the heading address.

 

Until 2011 subject was located at :

 

LOB No. 06, Premises No. 104

Jebel Ali Free Zone Area

Dubai

Telephone: (971 4) 881 7343

Fax      : (971 4) 881 7345

 

 

SPECIAL NOTE

 

You enquired on: Art International Ltd. Please note that the correct name is as per heading.  

 

The address which you provided: Premises 104, Location Lb06, Jebel Ali Free Zone applies to subject's former address. Please note that subject's current administrative office address is as per heading.

 

Interviewed: Ms. Rajni (Secretary)

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.70.84

Euro

1

Rs.62.96

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.