MIRA INFORM
REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
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Name : |
GULF STAR COMMODITIES |
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Registered Office : |
EMK Building, 3rd
Floor, Muroor Road, P O Box 27608
& 4048, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.06.1990 |
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Com. Reg. No.: |
14036, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuff 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$ 200,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : GULF STAR COMMODITIES
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 12th June 1990
Commercial Registration Number : 14036, Abu Dhabi
Trade Licence Number : 1148900
Chamber Membership Number : 12833
Invested Capital : UAE Dh 500,000
Total Workforce : 80
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend Steady
Recommended Credit Limit : US$ 200,000
Person Interviewed : Raja Abdul Qader, Business Development Manager
COMPANY NAME
GULF STAR
COMMODITIES
company ADDRESS
Registered & Physical Address
Building : EMK Building, 3rd
Floor
Street : Muroor Road
PO Box : 27608 & 4048
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6420700 / 6421800
Facsimile : (971-2) 6410555
Email : gstarest@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Yousef
Ali M A Indian Proprietor
& General Manager
·
Hamd
Rashed Al Mutawa Al Dhehri Emirati Local
Sponsor
·
Raja
Abdul Qader - Business
Development Manager
·
Abdul
Razzaq - Human
Resources Manager
·
Sunny
George - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
June 1990
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 14036, Abu
Dhabi
Trade Licence No. : 1148900
(Expires 06/06/2011)
Chamber Member No. : 12833
Invested Capital
: UAE Dh 500,000
Mr Yousef Ali M A is
the sole proprietor of the business. He is an Indian national who operates in
Abu Dhabi under the local sponsorship of Mr Hamd Rashed Al Mutawa Al Dhehri.
OPERATIONS
Activities: Engaged in the import and distribution of
general foodstuff products, including pulses and edible oils.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 80 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
20,600,000 UAE Dh
21,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 business
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.08 |
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UK Pound |
1 |
Rs.73.45 |
|
Euro |
1 |
Rs.64.30 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.