MIRA
INFORM REPORT
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Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
GLOBAL ENGINEERING SOLUTIONS FZCO |
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Registered Office : |
LOB 16, Office No. 112 Jebel Ali Free Zone, 18576 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 : |
January 2004 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Distributors of engineering products for
the oil and gas industry. |
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$ 80,000 |
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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 ENGINEERING SOLUTIONS 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 |
January 2004 |
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Trade Licence Number |
4574 |
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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 |
6 |
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Line of Business |
Distributors of engineering products for the oil and gas industry. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
GLOBAL ENGINEERING SOLUTIONS FZCO
ADDRESS
Registered & Physical Address
Location : LOB 16, Office No. 112
Area : Jebel Ali Free Zone
PO Box : 18576
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8873414 / 8873490
Facsimile : (971-4) 8873415
Email : gages@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Garuv Anand Managing Director
E R Vinu Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : January 2004
Legal Form : Free Zone Company - FZCO
Trade Licence No. : 4574
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
Garuv Anand 100%
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.
AFFILIATED COMPANIES
Badotherm Middle East FZCO
LOB 16, Office No. 112
Jebel Ali Free Zone
PO Box : 18576
Dubai
Tel : (971-4) 8873414
Fax : (971-4) 8873415
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of engineering products for the oil and
gas industry.
Import Countries : Europe and the Far East.
Subject has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/05
Total Revenue UAE Dh 3,700,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Dubai Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2004, subject is involved in the import and distribution of engineering products for the oil and gas industry.
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$ 80,000
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 |