MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GEMINI BUILDING MATERIALS TRADING |
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Registered Office : |
Hidaya Building, Al Salam Street, PO Box 71295, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
31st
October 1995 |
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Com. Reg. No.: |
31041, Abu Dhabi |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Distributors of decoration
materials; general decoration contractors |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GEMINI BUILDING
MATERIALS TRADING
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 31st
October 1995
Commercial
Registration Number : 31041,
Abu Dhabi
Trade Licence Number : 47544
Membership Number : 70307
Invested Capital : UAE Dh
100,000
Total Workforce : 20
Line of Business :
Distributors of decoration materials; general
decoration
contractors.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GEMINI BUILDING MATERIALS TRADING
ADDRESS
Registered & Physical Address
Building : Hidaya
Building
Street : Al Salam
Street
PO Box : 71295
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 6743606
Facsimile : (971-2)
6728646
Email : gbm@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Abu Dhabi.
Branch Office (s)
Location Description
· Al Wahadah Rented
office & warehouse
Al Ain
Tel : (971-3)
7218803
· Al Musafah Area –
Plot 3/1 Rented
warehouse
Abu Dhabi
Tel: (971-2)
5540477
Fax: (971-2)
5540112
KEY PRINCIPALS
Name Nationality Position
·
K. P. Ganesh Babu Indian Proprietor & General Manager
·
Mohamed Al Redwani Shafi Emirati Local Sponsor
·
Manoj Kumar Indian Assistant General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 31st
October 1995
Legal Form : Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg.
No. : 31041, Abu Dhabi
Trade Licence No. : 47544 (Valid until 27/05/2008)
Membership No. : 70307
Invested Capital : UAE Dh 100,000
Mr K. P. Ganesh Babu is the sole proprietor of the business. He is an
Indian national who operates in Abu Dhabi under the local sponsorship of Mr
Mohamed Al Redwani Shafi.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is liable for all its debts to the extent of his entire wealth. There are no
legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
decoration materials, false ceiling
products and related accessories.
Subject also acts as general decoration contractors and suppliers of
maintenance services for turnkey projects.
Import Countries : Taiwan, Denmark and the United Kingdom.
International Suppliers :
· Premdor United Kingdom
· Taiwan Great Wood Taiwan
· Dano Gypes Denmark
Operating Trend : Steady
Subject has a workforce of 20 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
11,375,000 UAE
Dh 12,105,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Abu Dhabi
Sheikh Khalifa
Street
PO Box : 4
Abu Dhabi
Tel : (971-2)
345777 / 327113 / 335262
Fax : (971-2)
336078
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction May
2001
Credit amount 30,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Deutsch
Marks
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1995, subject is involved in the import and distribution
of decoration materials, as well as acting as general decoration contractors.
According to local sources subject’s finances are in a satisfactory
condition and payment obligations are fulfilled in a regular and timely manner.
As such the business is deemed a fair trade risk and the above credit figure is
admissible.
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. |
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%)