MIRA INFORM REPORT

 

 

Report Date :           

04.10.2011

 

IDENTIFICATION DETAILS

 

Name :

RICHMOND OVERSEAS PVT LTD

 

 

Registered Office :

Saif Zone, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Year of Establishment :

2005

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Import and export of pharmaceutical, gelatine and nutritional products

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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)

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

 

 Bottom of Form

SUMMARY

 

Company Name                                     : RICHMOND OVERSEAS PVT LTD

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 2005

Licence Number                                     : 07576, Saif Zone

Issued Capital                                        : UAE Dh 50,000

Paid up Capital                                      : UAE Dh 50,000

Total Workforce                                     : 5

Activities                                               : Import and export of pharmaceutical, gelatine and nutritional products

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Nitin Bansal, Finance Manager

 

 

 

COMPANY NAME

 

RICHMOND OVERSEAS PVT LTD

 

 

company ADDRESS

 

Registered Address

Location            : Saif Zone

Town                 : Sharjah

Country             : United Arab Emirates

 

Physical Address

Building             : Al Shafar Tower, Office No. 302

Area                 : Karama Area

PO Box             : 113151

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3595213

Facsimile          : (971-4) 3595216

Mobile               : (971-50) 7254953

Email                : may@apricot.ae / nitin@apricot.ae

 

Premises

Subject operates from a small suite of offices that are rented and located in the Jebel Ali Free Zone, Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Kulbhushant Omprakash Dixit                           Indian                         Managing Director

 

·       Amay Prafulchandra Desai                                    -                            General Manager

 

·       Ramani Iyer                                                         -                            Administration Manager

 

·       Nitin Bansal                                                         -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2005

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Richmond Overseas Pvt Ltd, a

  Limited Liability Company incorporated in the British Virgin Islands.

 

  Richmond Overseas Pvt Ltd in the United Arab Emirates, operates as a Branch of a Foreign Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own right.

  Responsibility for payments lays in the hands of the company where it is originally

  registered.

 

  Under these circumstances, we strongly advise that any international trade credit should

  only be written under the name of the main company where the subject holds its registered office, in this case the British Virgin Islands.

 

Licence No.                 : 07576, Saif Zone

 

Issued Capital              : UAE Dh 50,000

 

Paid up Capital            : UAE Dh 50,000

 

 

OPERATIONS

 

Activities: Engaged in the import and export of pharmaceutical, gelatine and nutritional products.

 

Import Countries: India

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

No financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Emirates Bank International Ltd

Jebel Ali Free Zone Branch

PO Box: 2923

Dubai

Tel: (971-4) 8815551

Fax: (971-4) 8815545

 

 

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.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

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.