MIRA
INFORM REPORT
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Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOLBAFT
GULF CO LTD |
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Registered Office : |
BMW
Road, P O Box 6246, Sharjah |
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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 : |
29th December 1986 |
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Com. Reg. No.: |
15157 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged
in the import and distribution of blankets, towels, household linens, carpet
and rugs. |
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
Company Name : GOLBAFT GULF CO LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 29th December 1986
Commercial Registration Number : 15157, Sharjah
Trade Licence Number : 118833
Membership Number : 16275
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Line of Business : Distributors of blankets, towels, household linens, carpet and
rugs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GOLBAFT
GULF CO LTD
ADDRESS
Registered & Physical Address
Location : BMW Road
PO Box : 6246
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5338396
Facsimile : (971-6) 5337740
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Zayad Ali Nouri Iranian Managing Director
· Hussain Abdullah Mohamed Al Haj Emirati Director
· Mustafa Nouri - General
Manager
· Selia Kasim - Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 29th December 1986
Legal Form : Limited Liability Company
Commercial Reg. No. : 15157, Sharjah
Trade Licence No. : 118833 (Expires 25th September
2007)
Membership No. : 16275
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Hussain Abdullah Mohamed Al Haj 51%
· Zayad Ali Nouri 49%
AFFILIATED COMPANIES
· White Seagull Trading
Dubai
Tel : (971-4) 2261844
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of blankets, towels, household linens, carpet and rugs.
Import
Countries : Germany,
Italy, Sweden Taiwan, Japan and South Korea.
Brand
Names : GOLBAFT, KOREATEX, TAJUMA and COTEMA.
Operating
Trend : Steady
Subject
has a workforce of 12 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
5,100,000 UAE
Dh 5,390,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
Saderat Iran
PO Box : 316
Sharjah
Tel
: (971-6) 5682070
Fax
: (971-6) 5680289
·
Bank
Melli Iran
PO Box : 459
Sharjah
Tel
: (971-6) 5682210
Fax
: (971-6) 5686535
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1986, subject is involved in the import and distribution of blankets,
towels, household linens, carpet and rugs.
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$ 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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