MIRA INFORM REPORT

 

 

Report Date :

23.08.2007

 

IDENTIFICATION DETAILS

 

Name :

GIBCA MINERAL INDUSTRIES CO LLC

 

 

Registered Office :

New Industrial Area, P O Box 20074, Ajman

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

2001

 

 

Com. Reg. No.:

22438, Ajman

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged in the manufacture of precipitated calcium carbonate and activated calcium carbonate.

 

 

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

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : GIBCA MINERAL INDUSTRIES CO LLC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 2001

Commercial Registration Number            : 22438, Ajman

Trade Licence Number                            : 32475

Membership Number                              : 28836

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 30

Line of Business                                    : Manufacture of precipitated calcium carbonate and activated

                                                              calcium carbonate.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

GIBCA MINERAL INDUSTRIES CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : New Industrial Area

PO Box             : 20074

Town                 : Ajman

Country             : United Arab Emirates

Telephone         : (971-6) 7480101

Facsimile          : (971-6) 7480929

Email                : gmillc@emirates.net.ae

 

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Ajman.

 

 

KEY PRINCIPALS

 

·       Shiekh Sultan Bin Saqr Al Qassimi                                                     Chairman

 

·       H L Shah                                                                                          General Manager

 

·       Emad Salah                                                                                      Finance Manager

 

·       Gurvinder Singh                                                                                 Production Manager

 

·       Dr Nagarajan                                                                         Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2001

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 22438, Ajman

 

Trade Licence No.       : 32475

 

Membership No.          : 28836

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

 

·       Gibca Limited

Gibca Building

Al Wahda Street

PO Box: 289

Sharjah

     Tel: (971-6) 5333333

     Fax: (971-6) 5333444

 

·       Emirates Industrial Bank

     Arab Monetary Fund Building, 6th Floor

     Corniche Road

     PO Box: 2722

     Abu Dhabi

     Tel: (971-2) 6339700

     Fax: (971-2) 6319191

 

Note to the Legal Form  

 

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

 

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

 

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Gibca Group of Companies, which has diversified activities covering manufacturing, contracting, trading & representation, retailing, property and investment.

 

The Gibca Group consists of the following concerns:

 

·       Alico Industries Co Ltd

·       Grand Stores LLC

·       Arabian Profile Company Limited

·       Aluminium and Light Industries Co Ltd

·       Commercial United Packaging Co Ltd

·       Gibca Crusher and Quarry Operations Company Ltd

·       Glasshouse Co Ltd

·       Glass Reinforced Composites

·       Gulf Glass Industries Co Ltd

·       Tekab Co Ltd

·       Gibca Electro Mechanical Company Ltd

·       Continental Trading Co LLC

·       EMA Lubricants Co Ltd

·       Emirates Specialities Co LLC

·       Gibca Air Conditioning

·       Grand Stores

·       Ajman Souk

·       Coral Beach Resort

·       Dhaid Souk

·       Blue Salon

·       Safeway Emirates

·       Grand Trading Agencies

 

 

LINE OF BUSINESS

 

Operations: Engaged in the manufacture of precipitated calcium carbonate and activated calcium carbonate.

 

Import Countries: Oman

 

Export Countries: Yemen, Jordan, Turkey, Sudan, and Pakistan.

 

Brand Names: EMICAL

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL HIGHLIGHTS

 

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

 

·       Abu Dhabi Commercial Bank

PO Box : 1843

     Ajman

     Tel : (971-6) 7443444

     Fax : (971-6) 7443300

 

·       Emirates Industrial Bank

     Arab Monetary Fund Building, 6th Floor

     Corniche Road

     PO Box: 2722

     Abu Dhabi

     Tel: (971-2) 6339700

     Fax: (971-2) 6319191

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Gibca Mineral Industries Co LLC has made steady progress since its inception and specialises in the manufacture of precipitated calcium carbonate and activated calcium carbonate.

 

The company is a member of the well-known Gibca Group of Companies, which has interests in a number of ventures located throughout the country.

 

Local sources report that the subject’s operating history is clear; the financial position is considered to be satisfactory and the company is deemed a sound trade risk. As such we are of the opinion that the above credit figure is admissible.

 

Maximum suggested credit figure: US$ 150,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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