MIRA INFORM REPORT

 

 

Report Date :

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

GULF CENTRE FOR SOAP AND CHEMICAL INDUSTRIES LLC

 

 

Registered Office :

Plot No. 599 – 0373 Jebel Ali Industrial Area No. 1 PO Box 10706 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

19.04.1977

 

 

Com. Reg. No.:

40105, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Manufacture of cosmetics, detergents, disinfectants, soap and hair care  products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 350,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

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

Chamber Membership Number                : 3041

Issued Capital                                        : UAE Dh 6,000,000

Paid up Capital                                      : UAE Dh 6,000,000

Total Workforce                                     : 160

Activities                                               : Manufacture of cosmetics, detergents, disinfectants, soap and hair care

                                                              products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 350,000

 

COMPANY NAME

 

GULF CENTRE FOR SOAP AND CHEMICAL INDUSTRIES LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 599 - 0373

Area                 : Jebel Ali Industrial Area No. 1

 

PO Box             : 10706

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8803733 / 8802224 / 8803663

Facsimile          : (971-4) 8802380

Mobile               : (971-50) 5592910

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 Aqili                            Emirati                          Managing Director

 

·       Mohamed Saleh Ahmad Mohamed Al Aqili                  Emirati                          Director

 

·       P P Vishanathan                                                             -                             General Manager

 

·       R Ravenderan                                                                 -                             Finance Manager

 

·       Ajay Nitanvari                                                                  -                             Purchasing Manager

 

·       Shiva Kumar                                                                   -                             Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th April 1977

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 40105, Dubai

 

Trade Licence No.       : 300144 (Expires 20/06/2011)

 

Chamber Member 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 Aqili                                 50%

 

·       Mohamed Saleh Ahmad Mohamed Al Aqili                       50%

 

 

AFFILIATED COMPANIES

 

·       Al Aqili Trading

 

·       Al Aqili Distribution

 

·       Koohiji Group

 

·       Gulf Horizon International Trading LLC

 

·       Al Aqili Furnishings

 

·       Al Aqili Future Technologies LLC

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cosmetics, detergents, disinfectants, soap and hair care products.

 

Production Capacity: 30,000 metric tonnes

 

Import Countries: Europe and GCC countries

 

Brand Names: MAXCLEAN and ACTIVE

 

Operating Trend: Steady

 

Subject has a workforce of approximately 160 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 50,600,000                   UAE Dh 51,375,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Emirates Bank International Ltd

Baniyas Road

Deira

PO Box: 2923

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.

 

Date of transaction                              December 2007                        January 2008

Credit amount                                        62,000                                      150,000

Amount overdue                         0                                              0

Payment terms                                      90 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Euros                                        US Dollars

 

 

GENERAL COMMENTS

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.