MIRA INFORM REPORT

                                                                         

 

Report Date :           

29.11.2011

 

IDENTIFICATION DETAILS

 

Name :

PANASIA INTERNATIONAL FZCO

 

 

Registered Office :

Dubai Airport Free Zone, Plot No. 5EA817, P O Box 293508, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

01.02.2006

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Distributors of timber

 

 

No. of Employees :

4 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

US$ 750,000

 

 

Status :

Satisfactory

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : PANASIA INTERNATIONAL FZCO

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Company - FZCO

Registration Date                                   : 1st February 2006

Trade Licence Number                            : 906

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 4

Activities                                               : Distributors of timber

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

 

COMPANY NAME

 

PANASIA INTERNATIONAL FZCO

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Dubai Airport Free Zone, Plot No. 5EA817

PO Box             : 293508

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 7017680

Facsimile          : (971-4) 7017681

Mobile               : (971-50) 5511615 / 8407597

Email                : mrugank.mehta@olamnet.com / shefeek.abdulkader@olamnet.com

 

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Dubai Airport Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Mrugank Kiran Mehta                                    Indian                            Managing Director

 

·       Anand Dallav                                          -                              Commercial Manager

 

·       Shafiq Mohamed                                                -                              Logistics Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 2006

 

Legal Form                  : Free Zone Company - FZCO

 

Trade Licence No.       : 906 (Expires 01/02/2012)

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                             Percentage

 

·       Olam International  Ltd                                                    80%

Singapore

 

·       Mrugank Kiran Mehta                                                     20%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of timber.

 

Import Countries: Europe and GCC countries.

 

Export Countries: India and Vietnam

 

Operating Trend: Steady

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                US$ 67,500,000             US$ 70,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

       PO Box: 66

       Dubai

       Tel: (971-4) 2535000

 

·       DBS Bank Ltd

DBS Building, Tower One

6 Shenton Way

Singapore 068809

Tel: (65) 63272265

Acc No. 0003004989017

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.98

UK Pound

1

Rs.80.59

Euro

1

Rs.69.12

 

 

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.