MIRA INFORM REPORT
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Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
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Name : |
AL MIGNAS FZE |
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Registered Office : |
16111, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
07.02.2011 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Trading as
importers and distributors of diamonds and precious stones |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment
Behaviour : |
Unknown |
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Litigation : |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
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
company
ADDRESS
P.O.Box No. 16111
Town Ras Al Khaimah
Country United Arab Emirates
Telephone (971 50) 590 7859 (Mobile) (Ved Jansandekar)
SENIOR
COMPANY PERSONNEL
Name Position
Ved Jansandekar General Manager / Owner
Total Employees : 1
PAYMENTS
No trade
experience of payments is available.
Subject is a newly established company incorporated in February 2011.
Opinion on
maximum credit : As the company has recently started
trading and has no
financial or payment
track record, we
recommend dealing on
fully secured terms.
Trade risk
assessment : High
PRINCIPAL BANKERS
NAME HSBC BANK MIDDLE EAST
Branch Al Suq Road 312/45
PO Box 66
Town Dubai
Telephone (971 4) 353 5000
Fax (971 4) 353
0384 / 353 1005
FINANCIAL INFORMATION
As the Company has only recently been established, relevant financial information
is not available.
LEGAL STATUS AND HISTORY
Date Started : 7
February 2011
Trade License No.: 5005950
(expiry date: 6 February 2012)
Capital : Dh
100,000
Free Zone Establishment (single
shareholder limited liability company) with the following sole shareholder :
Ved Jansandekar 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 distributors of diamonds and precious stones.
NACE Code : 4648
Imports from India, Hong Kong and Belgium.
Exports to India and Hong Kong.
FACILITIES
The Company has the following facilities :
Rented administrative offices located at the heading address.
SPECIAL NOTE
Interviewed: Ved Jansandekar (General Manager / Owner).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.13 |
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UK Pound |
1 |
Rs.74.18 |
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Euro |
1 |
Rs.64.88 |
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.