MIRA INFORM REPORT

 

 

Report Date :

27.06.2012

 

IDENTIFICATION DETAILS

 

Name :

MAIN INTERNATIONAL GENERAL TRADING FZC

 

 

Registered Office :

Ajman Free Zone, Office No. 62, Block A, 4196 Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

27.11.1999

 

 

Com. Reg. No.:

16762

 

 

Legal Form :

Free Zone Company – FZC

 

 

Line of Business :

Distributors of electrical appliances, air conditioning systems and readymade garments.

 

 

No. of Employees :

8

 

 

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                         : MAIN INTERNATIONAL GENERAL TRADING FZC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 27th November 1999

Commercial Registration Number            : 16762

Trade Licence Number                            : 23813

Membership Number                              : 361

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 8

Activities                                               : Distributors of electrical appliances, air conditioning systems and ready

                                                              made garments.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Sajid Ali, Finance Manager

 

 

 

 

COMPANY NAME

 

MAIN INTERNATIONAL GENERAL TRADING FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Ajman Free Zone, Office No. 62, Block A

 

PO Box             : 4196

 

Town                 : Ajman

Country             : United Arab Emirates

 

Telephone         : (971-6) 7424309

Facsimile          : (971-6) 7424903

Mobile               : (971-55) 5522606

Email                : miadxb@gmail.com / miadubai@eim.ae

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Mohamed Azhar Anjum                                 Pakistani                       Managing Director

 

·       Othman Mohamed Ashraf Tajeddine                Pakistani                       Director

 

·       Nosheen Mohamed Ashraf Tajeddine  Pakistani                       Director

 

·       Mohamed Ashraf Tajeddine                            Pakistani                       Director

 

·       Sajid Ali                                                              -                            Finance Manager

 

·       Mohsin Ali                                                           -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th November 1999

 

Legal Form                  : Free Zone Company – FZC

 

Commercial Reg. No.  : 16762

 

Trade Licence No.       : 23813

 

Membership No.          : 361

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)

 

·       Mohamed Azhar Anjum

 

·       Othman Mohamed Ashraf Tajeddine

 

·       Nosheen Mohamed Ashraf Tajeddine

 

·       Mohamed Ashraf Tajeddine

 

 

AFFILIATED COMPANIES

 

·       MIA Corporation

Islamabad

Pakistan

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electrical appliances, air conditioning systems and ready made garments.

 

Import Countries: Europe and the Far East.

 

International Suppliers:

 

·       Acson                      Malaysia

·       McQuay                   Malaysia

·       Airsol                       China

·       Marley                      Italy

 

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 28,801,313                   UAE Dh 30,532,887

 

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

 

The above figures were provided by Mr Sajid Ali, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Main Branch

Ajman

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

 

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.57.07

UK Pound

1

Rs.88.95

Euro

1

Rs.71.40

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.