MIRA
INFORM REPORT
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Report Date : |
26th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
GLOBAL TRANFORMERS AND SWITCHGEAR FZCO |
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Registered Office : |
Sheikh Zayed Road, Jebel Ali Free Zone 17963, 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 : |
4th April 2003 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacturers of transformers and
switchgear. |
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$ 150,000 |
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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 |
GLOBAL TRANFORMERS AND SWITCHGEAR FZCO |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Company - FZCO |
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Registration Date |
4th April 2003 |
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Trade Licence Number |
3850 |
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Membership Number |
92521 |
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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 |
55 |
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Line of Business |
Manufacturers of transformers and switchgear. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
GLOBAL TRANFORMERS AND SWITCHGEAR FZCO
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17963
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8833951
Facsimile : (971-4) 8833952
Email : info@globaltransformers.com
Premises
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Taher Ali Afsar Ali Indian Managing Director
Mohamed Abd Alla Mohamed Taha Sudanese Director
Rashid Mohamed Mahran Al Balooshi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 4th April 2003
Legal Form : Free Zone Company - FZCO
Trade Licence No. : 3850 (Expires 12th January 2007)
Membership No. : 92521
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Rashid Mohamed Mahran Al Balooshi 60%
Taher Ali Afsar Ali 20%
Mohamed Abd Alla Mohamed Taha 20%
Note to the Legal Form
A Free Zone Company (FZCO) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
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, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations :
Engaged in the manufacture of transformers and switchgear.
Import Countries : Europe
Operating Trend : Steady
Subject has a workforce of 55 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 8,700,000 UAE Dh 10,390,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 2003, subject is involved in the manufacture of transformers and switchgear.
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 and the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
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 |