MIRA
INFORM REPORT
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Report Date : |
8th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
GANMI TRADING CO FZE |
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Registered Office : |
Dubai Airport Free Zone 54418, Dubai United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
November 2002 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and distribution of diamonds, jewellery and general merchandise. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
GANMI TRADING CO FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
November 2002 |
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Licence Number |
224, Dubai Airport FZE |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
15 |
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Line of Business |
Import and distribution of diamonds, jewellery and general merchandise. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
GANMI TRADING CO FZE
ADDRESS
Registered & Physical Address
Location : Dubai Airport Free Zone
PO Box : 54418
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2996333
Facsimile : (971-4) 2996894
Email :
praful@kgkgroup.com
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Dubai Airport Free Zone.
KEY PRINCIPALS
Danish Kumar V. Singh General Manager
Praful Dave Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : November 2002
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Licence No. : 224, Dubai Airport FZE
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
KGK Group 100%
Bombay
India
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
AFFILIATED COMPANIES
Galaxy Trading FZE
Dubai Airport Free Zone
PO Box 54418
Dubai
Tel: (971-4) 2996333
LINE OF BUSINESS
Operations:
Engaged in the import and distribution of diamonds,
jewellery and general merchandise.
Import Countries: India
Operating Trend: Steady
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 Year Ending 31/12/05
Total Revenue UAE Dh 4,875,000 UAE Dh 5,280,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
ABN Amro Bank
Deira Branch
PO Box : 2567
Dubai
Tel : (971-4) 3512200
Acc No. 02.23.57.769 USD
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Ganmi Trading Co FZE
has been in business since November 2002 and is engaged in the import and distribution of diamonds,
jewellery and general merchandise.
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.
Maximum suggested credit figure: US$ 100,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |