MIRA
INFORM REPORT
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Report Date : |
14.07.2011 |
IDENTIFICATION DETAILS
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Name : |
PREMINCO LTD. |
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Registered Office : |
Lob 5, Jebel Ali Free Zone P.O.Box No. 17938 |
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Country : |
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Date of Incorporation : |
26.02.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading
as importers and exporters of pharmaceutical products and mining industrial
items. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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UAE |
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
Preminco Ltd. (Representative Office) (Correct)
PREMINCO
LTD. (Requested)
ADDRESS
Area : Lob 5, Jebel Ali Free Zone
P.O.Box
No.: 17938
Country :
Telephone : (971 4) 886 5696 / 881 4025 / (Mobile) (971
50) 349 8225
(Bindu Sherring)
Fax : (971 4) 881 4072
E-Mail : bindu.sherring@preminco.com
Website : www.preminco.com
SENIOR
COMPANY PERSONNEL
Name Position
1.
Fadli Abbas Vergi Managing
Director
(
2.
Bindu
Sherring (Mrs) Chief Accountant
Total
Employees : 4
PAYMENTS
No
complaints have been heard regarding payments from local suppliers or banks.
This
undertaking comprises
We
consider it is acceptable to deal with subject for MEDIUM amounts, however it
should be borne in mind that this is only a representative office operation and
international suppliers may prefer to see the complete picture by obtaining
information on the company in
Trade
risk assessment: Normal
PRINCIPAL BANKERS
NAME : HSBC BANK OF THE MIDDLE EAST
Branch :
P.O.
Box : 66
Town :
Telephone:
(971 4) 353 5000
Fax : (971 4) 353 4066
The
company also has an account with :
Standard
Chartered Bank
Telephone:
(971 4) 352 0455
Fax : (971 4) 352 6679
FINANCIAL INFORMATION
Private
companies in
Sales
turnover : Dh 50,000,000 -
2009 - exact
: Dh 56,000,000 -
2010 - exact
: Dh 60,000,000 – 2011 – projected
Net
profit : Dh 1,000,000 - 2009 - exact
: Dh 1,400,000 - 2010 - exact
: Dh 1,600,000 – 2011 – projected
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 26 February 2007
Jebel Ali Free Zone Trade License No.: 592036
(expiry date: 25/02/2012)
Authorised Capital : US DLRS 769,000
Paid-Up Capital : US DLRS 769,000
Subject is a
representative office of a Limited Liability Company registered in
1.
Fadli Abbas Vergi
2.
Bindu Sherring
Subject is a branch of the following company :
Preminco Ltd.
1301, Bank Of
The sponsorship is provided by Yousuf Ahmad Yousuf Al Khoory (UAE 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.
Affiliated
companies of Preminco Ltd. :
Associates
As
a matter of interest Yousuf Ahmad Yousuf Al Khoory subject's local sponsor has
also interest in the following companies based in
1. Abdul Qadir Mohd General Trading
Est : 02/07/1983
Trade License No.: 203865
2. Genesis International General Trading Est.
Est : 20/12/1995
Trade License No.: 240179
3. Global Homes Real Estate LLC
Est : 10/12/2002
Trade License No.: 540148
4.
Est : 08/12/1992
Trade License No.: 237685
5. Y.K.D Contracting LLC
Trade License No.: 602777
Est : 08/11/2007
6. Yousif Khori Group Of Companies
Est : 01/11/2003
Trade License No.: 550444
7. Gyma Food Industries LLC
Est : 28/10/2007
Trade License No.: 602302
8. Hilal Al Khaleej Commercial Information
Services
Est : 14/10/2008
Trade License No.: 617456
9. Indigo Properties
Trade License No.: 239412
14/10/1995
10.
Hilal Alemarat General Trading
Est : 10/10/1992
Trade License No.: 229177
11.
Good Impex General Trading LLC
Est: 19/09/1998
Trade License No.: 507816
Est : 18/09/1995
Trade
License No.: 239149
13.
Hilal Al Khaleej Advertising
Est : 04/08/1981
Trade License No.: 220702
14.
Pangaea Business Hub
Est : 25/07/2006
Trade License No.: 584138
15.
Leisure Homes
22/07/2002
Trade
License No.: 536080
16.
Gim International Trading Est.
Est : 14/07/1993
Trade License No.: 231520
17.
Beltexco General Trading LLC
Est : 18/06/2006
Trade License No.: 546250
18.
Al Huraiz Real Estate LLC
Est : 28/05/1988
Trade License No.: 220172
19.
Alghaem General Trading
Est : 06/05/1996
Trade License No.: 241676
Est : 01/05/1996
Trade License No.: 301147
21.
Dar Nad Al Shiba Livestock Trading
Est : 12/04/2005
Trade License No.: 568037
22.
Greenshield Real Estate Broker LLC
Trade License No.: 567492
02/04/2005
23.
Weight Loss Trading LLC
Est : 02/04/2006
Trade License No.: 579736
24.
Al Marja General Transport
Est : 28/03/1994
Trade License No.: 233805
25.
Preminco Ltd.
Est : 26/02/2007
Trade License No.: 592036
Agent
26.
Infinity Bureau Busineesmen Services
Est : 20/01/2008
Trade License No.: 605462
ACTIVITIES
The
Company is involved in the following activities :
Trading
as importers and exporters of pharmaceutical products and mining industrial
items.
Imports
from
Exports
to Africa, mainly to
FACILITIES
The
Company has the following facilities :
Rented
administrative offices located at the heading address.
SPECIAL NOTE
Interviewed:
Bindu Sherring (Mrs) (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
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|
1 |
Rs.71.07 |
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Euro |
1 |
Rs.62.40 |
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.