MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
GHASCO
INTERNATIONAL FZC |
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Registered Office : |
Ajman Free Zone,
B1-318, P O Box 23177, Ajman |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the
import and distribution of automotive spare parts, including gearboxes, shock
absorbers, clutches, cylinders, headlights and various engine parts. |
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 : GHASCO INTERNATIONAL FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 2003
Trade Licence Number : 1334
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 15
Line of Business : Distributors of automotive spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GHASCO
INTERNATIONAL FZC
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone, B1-318
PO Box : 23177
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7456533
Facsimile : (971-6) 7456530
Mobile : (971-50) 4566075
Email : info@ghasco.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Ajman Free Zone.
Branch Office (s)
Location Description
·
Naif Street Office
premises
PO Box : 181924
Dubai
Tel : (971-4) 2246601
Fax : (971-4) 2246647
KEY PRINCIPALS
·
Mohamed El
Hadi Al Ashlah Managing
Director
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Abdul Hai Mone Director
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Tariq Hadana General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2003
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1334
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
·
Mohamed El
Hadi Al Ashlah
·
Abdul Hai Mone
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
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, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of automotive
spare parts, including gearboxes, shock absorbers, clutches, cylinders,
headlights and various engine parts.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE Dh 5,800,000 UAE Dh
6,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National Bank
of Abu Dhabi
Main Street
PO Box : 988
Ajman
Tel : (971-6) 5422996
Fax : (971-6) 5425750
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2003, subject is involved in the import and distribution of automotive spare
parts, including gearboxes, shock absorbers, clutches, cylinders, headlights
and various engine parts.
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$ 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. |
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%)