MIRA
INFORM REPORT
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Report Date : |
3rd
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GULF
WORLDWIDE DISTRIBUTION FZE |
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Registered Office : |
Plot
No. 0253, Jebel Ali Free Zone, PO Box: 261619, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
1996 |
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Legal Form : |
Mouassasat
Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Importer
and Distributor of bearings and related accessories. |
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$
200,000 |
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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 |
GULF WORLDWIDE DISTRIBUTION 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 |
1996 |
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Trade
Licence Number |
05820 |
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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 |
33 |
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Line
of Business |
Distributors of bearings and related accessories. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
GULF
WORLDWIDE DISTRIBUTION FZE
ADDRESS
Registered & Physical Address
Location : Plot No. 0253
Area : Jebel Ali Free Zone
PO Box : 261619
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8812418 / 8871900
Facsimile : (971-4) 8814343
Email : info@gulfworldwide.net
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are rented
and located in the Jebel Ali Free Zone.
Branch Offices
Location Description
· Knife Road Office
premises
Deira
Dubai
Tel : (971-4) 3456667
Fax : (971-4) 334467
KEY PRINCIPALS
· Mukesh Vora Managing
Director
· George Komez General
Manager
· Linu Chander Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1996
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 05820
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
· Mukesh Vora 100%
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.
LINE OF BUSINESS
Operations: Engaged in the import and
distribution of bearings and related accessories.
Import
Countries: Europe
and the Far East.
Operating
Trend: Steady
Subject
has a workforce of 33 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
12,500,000 UAE Dh
13,790,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Fujairah
PO Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1996, subject is involved in the import and distribution of bearings and
related accessories.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 200,000
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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