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MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF RESOURCES DEVELOPMENT CORPORATION (GRDC) |
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Registered Office : |
Sheikh Zayed
Road, Round About No. 10, Jebel Ali Free
Zone, PO Box 61283, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.01.1996 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and Distribution of Petrochemical Products, Minerals,
Metals and Yellow Corn, Rice, Sugar,
Fish Meals, and Soya Bean Meals |
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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF RESOURCES DEVELOPMENT CORPORATION (GRDC)
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 20th January 1996
Trade Licence Number : 1188
Chamber Membership Number : 37038
Issued Capital : UAE Dh 2,202,000
Paid up Capital : UAE Dh 2,202,000
Total Workforce : 19
Activities :
Import and distribution of petrochemical products, minerals, metals and
yellow corn, rice, sugar, fish meals, and soya bean meals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
GULF RESOURCES
DEVELOPMENT CORPORATION (GRDC)
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road, Round About No. 10
Area : Jebel Ali Free Zone
PO Box : 61283
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835520
Facsimile : (971-4) 8839925
Email : gulfcorp@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Position
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Raouf Mohsen
Mashayekh General
Manager
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Suresh
Kumar Assistant
General Manager
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Joshi
Mahesh Sales
Manager
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Linda
Ferero Administration
Officer
LEGAL FORM & OWNERS
Date of Establishment : 20th
January 1996
Legal Form :
Subject is the United Arab
Emirates registered branch of Gulf Resources Development
Corporation, a Limited Liability Company
incorporated in the British Virgin Islands.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments
lays in the hands of the company where it is originally
registered.
Trade Licence No. : 1188
(Expires 19/08/2009)
Chamber Member No. : 37038
Issued Capital : UAE Dh 2,202,000
Paid up Capital : UAE Dh 2,202,000
OPERATIONS
Activities: Engaged in the import and distribution of
petrochemical products, minerals,
metals and yellow corn, rice, sugar, fish meals, and soya bean meals.
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a workforce
of 19 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
10,790,000 UAE Dh
11,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box 66
Dubai
Tel: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1996, subject is involved in the import and distribution of petrochemical
products and is a branch of a foreign corporation, namely, Gulf Resources Development
Corporation of the British Virgin Islands.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.75.03 |
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Euro |
1 |
Rs.63.14 |
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%)