MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GULF
CRAFT INC |
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Registered Office : |
Gulf
Craft Building, Sheikh Khalifa Bin Zayed Street, PO Box: 666, Ajman, United
Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
1687, Ajman |
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Legal Form : |
Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Manufacture of boats and yachts |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
1,200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
GULF CRAFT INC |
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Country
of Origin |
Ajman, United Arab Emirates |
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Legal
Form |
Limited Liability Company - LLC |
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Registration
Date |
1982 |
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Commercial
Registration Number |
1687, Ajman |
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Issued
Capital |
UAE Dh 10,000,000 |
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Paid
up Capital |
UAE Dh 10,000,000 |
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Total
Workforce |
500 |
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Line
of Business |
Manufacture of boats and yachts |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
GULF
CRAFT INC
ADDRESS
Registered & Physical Address
Building : Gulf Craft Building
Street : Sheikh Khalifa Bin Zayed Street
PO Box : 666
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7406060
Facsimile : (971-6) 7406062
Email : aci@gulfcraftinc.com
Premises
Subject
operates from a large suite of offices and a workshop that are owned and
located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
· Dubai Sales
Office
Tel :
(971-4) 2828287
Fax : (971-4) 2828227
KEY PRINCIPALS
· Mohammed Bin
Hussein Al Shaali Managing
Director
· Dr Jamal Bin Hussein
Al Shaali Director
· Erwin Bamps General
Manager
· Yousri
Ghali Finance
Manager
· Ursino Fernandes Commercial
Manager
· Atiq Sheikh Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1982
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1687, Ajman
Issued
Capital : UAE Dh 10,000,000
Paid
up Capital : UAE Dh 10,000,000
Name of Shareholder (s)
· Mohammed Bin
Hussein Al Shaali
· Dr Jamal Bin Hussein
Al Shaali
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.
LINE OF BUSINESS
Operations: The company manufactures
fibreglass boats and yachts, ranging from 18' to 125', with an annual
production of about 600 boats, including Motor yachts and motor cruisers,
pleasure yachts and sailing boats.
The company
is completing construction of a new factory in Umm Al Quwain.
Subject
is ISO 9001 certified.
Import
Countries:
United Kingdom and the United States of America.
Export
Countries:
Output is divided one-third for the home market, one-third for GCC countries
and one-
third
for international export particularly the United States of America, Europe and
Australia.
Brand
Names:
AMBASSADOR, MAJESTY, MILLENIUM, and DOLPHIN.
Subject
has a workforce of approximately 500 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
·
Arab
Bank Plc
Shaikh Rashid Al Naimi Street
PO Box : 17
Ajman
Tel :
(971-6) 7422431
Fax :
(971-6) 7426871
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of
transaction April
2005
Credit
amount 249,620
Amount
overdue 0
Payment
terms 60 days
Payment
Method Letters of
Credit
Paying
record No
Complaints
Currency Canadian
Dollars
GENERAL COMMENTS
Established
in 1982, Gulf Craft Inc has around 50 percent of the boat construction market
in the Gulf region.
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$ 1,200,000
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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