MIRA INFORM
REPORT
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Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
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Name : |
ARAB JEWEL FZE |
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Registered Office : |
Executive Suite,
Office No. Q15/B, Saif Zone, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.03.2010 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors of jewellery, gold and diamonds. |
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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Maximum Credit Limit : |
US$ 300,000 |
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Status : |
New Company |
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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
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
SUMMARY
Company Name : ARAB JEWEL FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 18th March 2010
Trade Licence Number : 01-01-07934
Issued Capital : US$ 40,872
Paid up Capital : US$ 40,872
Total Workforce : 5
Activities : Distributors of jewellery, gold and diamonds.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
ARAB JEWEL FZE
company ADDRESS
Registered & Physical Address
Building : Executive Suite, Office No. Q15/B
Area : Saif Zone
PO Box : 121146
Town : Sharjah
Country :
Subject has yet to
register any contact numbers
Premises
Subject operates
from a small suite of offices that are rented and located in the Saif Zone Area
of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
LEGAL FORM & OWNERS
Date of Establishment : 18th
March 2010
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. :
01-01-07934 (Expires 18/03/2012)
Issued Capital : US$ 40,872
Paid up Capital : US$ 40,872
Name of Shareholder
(s) Percentage
·
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, gold and diamonds.
Import
Countries: Africa and the
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency:
Interim
Balance Sheet 18/03/10 - 31/12/10
Assets
Current assets
Inventories 62,970
Trade and
receivables 9,372,951
Cash and bank
balances 25,326
Total current
assets 9,461,247
Total assets 9,461,247
Equity and
Liabilities
Capital and
reserves
Shareholders’ funds
Share capital 40,872
Shareholders’
current account (40,872)
Accumulated profits 1,178,983
Total equity and
shareholders’ funds 1,178,983
Current liabilities
Trade and other
payables 8,282,264
Total equity and
liabilities 9,461,247
Interim
Income Statement
Cost of sale (15,252,715)
Gross profit 1,316,064
Other income 1,242
Expenses (138,323)
Net profit for the
period 1,178,983
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Standard
Chartered Bank
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5543604
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.97 |
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1 |
Rs.73.35 |
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Euro |
1 |
Rs.63.98 |
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 |
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.