MIRA
INFORM REPORT
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Report Date : |
21.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF CENTRE FOR SOAP AND CHEMICAL INDUSTRIES LLC |
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Registered Office : |
Plot Number B208, Airport Road, Umm Ramool, PO Box 10706, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.04.1977 |
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Com. Reg. No.: |
40105 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of Cosmetics, Detergents, Disinfectants, Soap and Hair Care Products |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF CENTRE FOR SOAP AND CHEMICAL INDUSTRIES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th April 1977
Commercial Registration Number : 40105, Dubai
Trade Licence Number : 300144
Membership Number : 3041
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Total Workforce : 115
Line of Business : Manufacturers of cosmetics, detergents, disinfectants, soap and
hair care products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GULF CENTRE FOR SOAP AND CHEMICAL INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Building : Plot Number
B208
Street : Airport Road
Area : Umm Ramool
PO Box : 10706
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2858110
Facsimile : (971-4)
2585110 / 2852292
Email : gcsci@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Mohamed Saeed
Mohamed Al Aqaili Emirati Managing Director
· Mohamed Saleh
Ahmad Mohamed Al Aqaili Emirati Managing
LEGAL FORM & OWNERS
Date of
Establishment : 19th
April 1977
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 40105, Dubai
Trade Licence No. : 300144 (Expires 10th June 2008)
Membership No. : 3041
Issued Capital : UAE Dh 6,000,000
Paid up Capital : UAE Dh 6,000,000
Name of Shareholder (s) Percentage
· Mohamed Saeed
Mohamed Al Aqaili 50%
· Mohamed Saleh
Ahmad Mohamed Al Aqaili 50%
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 300,000, 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.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets
capital requirements and requires 51 percent Emirati participation in capital
and profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
LINE OF BUSINESS
Operations: Engaged in the manufacture of cosmetics, detergents, disinfectants,
soap and hair care
products.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 115 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 43,600,000 UAE
Dh 47,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4)
3160316
Fax : (971-4)
2264302
·
National Bank of Abu Dhabi
Deira Souk Branch
PO Box : 4436
Dubai
Tel : (971-4)
2226141
Fax : (971-4)
2226145
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1977, subject is involved in the manufacture of
cosmetics, detergents, disinfectants, soap and hair care products.
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 and
the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 250,000
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%)