MIRA INFORM REPORT

 

 

Report Date :

18.08.2012

 

IDENTIFICATION DETAILS

 

Name :

MULTIGATE CORPORATION FZE

 

 

Registered Office :

Souq Al Kabir Building, Suite No. 101, P O Box 27785, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.09.1995

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Distributors of electrical and electronic appliances

 

 

No. of Employees :

08 employees

 

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : MULTIGATE CORPORATION FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 2nd September 1995

Trade Licence Number                            : 010100005, Saif Zone

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 8

Activities                                               : Distributors of electrical and electronic appliances

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

MULTIGATE CORPORATION FZE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Souq Al Kabir Building, Suite No. 101

PO Box             : 27785

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3534325

Facsimile          : (971-4) 3536472

Email                : rubangen@emirates.net.ae

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Ayoub Afridi                                                                                      Managing Director

·       Ahmed Kutdy                                                                                    General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd September 1995

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 010100005, Saif Zone

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                     Percentage

·       Ayoub Afridi                                                                          100%

 

 

AFFILIATED COMPANIES

 

·       Mega Gate FZE

South Zone No. 1

Jebel Ali Free Zone

PO Box: 27785

Dubai

Tel: (971-4) 8861551

Fax: (971-4) 8861552

Lic No. 122861

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electrical and electronic appliances.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 12,225,000                   UAE Dh 12,810,000

 

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

 

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

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

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.55.70

UK Pound

1

Rs.87.55

Euro

1

Rs.68.85

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.