MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLACIER TRADE CENTRE FZE |
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Registered Office : |
LOB 15, Sheikh
Zayed Road, Jebel Ali Free Zone, PO Box 17619, 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 : |
17.10.2001 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Distribution of Steel and Allied 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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : GLACIER TRADE CENTRE FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 17th October 2001
Trade Licence Number : 2511
Chamber Membership Number : 64872
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Import and distribution of steel and allied products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
GLACIER TRADE
CENTRE FZE
ADDRESS
Registered & Physical Address
Building : LOB 15
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17619
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8811662
/ 8811665
Facsimile : (971-4) 8811664
Email : gireesh.ca@ispat.com
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
·
Ratnakar
Sinha Managing
Director
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Vijay
Mahadepan Marketing
Manager
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C.A.
Giresh Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
October 2001
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 2511
(Expires 16/10/2009)
Chamber Member No. : 64872
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Amalgamated
Trading Ltd 100%
Isle of Man
United Kingdom
AFFILIATED COMPANIES
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IK
International FZE
Sheikh Zayed Road
Jebel Ali Free Zone
PO Box: 17619
Dubai
Tel: (971-4) 8811662
Fax: (971-4) 8811663
Email: iki@emirates.net.ae
OPERATIONS
Activities: Engaged in the import and distribution of
steel and allied products.
Import
Countries: Europe and the
Far East
International
Suppliers:
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Ispat
International NV Netherlands
Operating Trend: Steady
Subject has a
workforce of 5 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 7,350,000 UAE Dh 8,100,000
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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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box 999
Dubai
Tel: (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2001,
subject is involved in the import and distribution of steel and allied products
and is owned 100% by the United Kingdom company “Amalgamated Trading Ltd”.
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 business is deemed 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.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
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%)