MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GYMA ENTERPRISES
FZE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
15th July 1992 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the processing
and packaging of spices, nuts, herbs, grains, dried fruit and vegetables. |
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$ 450,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GYMA ENTERPRISES FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 15th July 1992
Trade Licence Number : 7102
Membership Number : 24566
Issued Capital : UAE Dh 5,500,000
Paid up Capital : UAE Dh 5,500,000
Total Workforce : 70
Line of Business : Processors and packagers of spices and general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GYMA ENTERPRISES
FZE
ADDRESS
Registered & Physical Address
Street :
Area : Jebel Ali Free Zone
PO Box : 16886
Town :
Country :
Telephone : (971-4) 8816900
Facsimile : (971-4) 8816910
Email : gymadxb@emirates.net.ae
Premises
Subject operates
from a suite of offices and a factory covering an area of 2,000 square metres
that are rented and located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Jean
Marc Lourau French Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 15th
July 1992
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 7102
(Expires 14th June 2008)
Membership No. : 24566
Issued Capital : UAE Dh 5,500,000
Paid up Capital : UAE Dh 5,500,000
Name of Shareholder
(s) Percentage
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Gyma
International SA 100%
Route de Pernes
84200 Carpentras
Tel : (33-4) 90608200
Fax : (33-4) 90608230
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 processing and packaging of
spices, nuts, herbs, grains, dried fruit and vegetables.
Subject has a packaging capacity of 11 tonnes a day.
Import
Countries:
Operating Trend: Steady
Subject has a workforce
of 70 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 53,460,000 UAE Dh 55,790,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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United
Arab Bank
Deira Branch
PO Box: 4579
Tel: (971-4) 2220181
Acc No. 215880081015
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction July 2004
Credit amount 200,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000
Established in
1992, subject is involved in the processing and packaging of spices and general
foodstuff products.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk. As such the above credit figure is
admissible.
Maximum suggested
credit figure: US$ 450,000
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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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%)