MIRA INFORM REPORT

 

 

Report Date :

01.03.2012

 

IDENTIFICATION DETAILS

 

Name :

RELIABLE RESOURCES TRADING FZE

 

 

Registered Office :

Ajman Free Zone PO Box 46589 Ajman

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

03.10.2005

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Distributors of ferrous and non-ferrous metals

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Trade Licence Expired

Payment Behaviour :

Unknown

Litigation :

--

 

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 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

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                                     : RELIABLE RESOURCES TRADING FZE

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 3rd October 2005

Trade Licence Number                            : 2234

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 3

Activities                                               : Distributors of ferrous and non-ferrous metals

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

RELIABLE RESOURCES TRADING FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Ajman Free Zone

 

PO Box             : 46589

 

Town                 : Ajman

Country             : United Arab Emirates

 

Telephone         : (971-6) 5732977

Facsimile          : (971-6) 5732977

Mobile               : (971-50) 7563924

Email                : rizisayed@yahoo.com

 

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                                                                                               Position

 

·       Sayed Rizwan Haider                                                                        Managing Director

 

·       K Shoudan                                                                                       General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd October 2005

 

Legal Form                  : Free Zone Establishment – FZE

 

Trade Licence No.       : 2234 (Expired 02/10/2011)

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                  Percentage

 

·       Sayed Rizwan Haider                                                100%

 

 

AFFILIATED COMPANIES

 

·       Adanbrah Trading LLC

PO Box: 30375

Sharjah

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of ferrous and non-ferrous metals.

 

Import Countries: Europe and the United States of America.

 

Subject has a workforce of 3 employees.

 

 

FINANCIAL DATA

 

Companies registered in Ajman, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

     Acc No. 211-20311-105437786

 

 

PAYMENT HISTORY

 

Unknown

 

GENERAL COMMENTS

 

Please note that subject’s trade licence number expired on 2nd October 2011 and has not been renewed. We were unable to contact the subject directly during our investigation as the landlines were unanswered and the mobile was answered by someone who claimed he was not connected to the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.94

UK Pound

1

Rs.77.95

Euro

1

Rs.65.94

 

 

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.