MIRA INFORM REPORT

 

 

Report Date :           

10.11.2011

 

IDENTIFICATION DETAILS

 

Name :

GYMA ENTERPRISES FZE

 

 

Registered Office :

Dubai Investment Park, Plot No. 597-626, Phase 2, Jebel Ali Free Zone, P O Box 16886, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.07.1992

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Processing and packaging of spices, nuts, herbs, grains, dried fruit and  vegetables

 

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$ 500,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

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                                     : GYMA ENTERPRISES FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 15th July 1992

Trade Licence Number                            : 7102

Chamber Membership Number                : 24566

Issued Capital                                        : UAE Dh 5,500,000

Paid up Capital                                      : UAE Dh 5,500,000

Total Workforce                                     : 90

Activities                                               : Processing and packaging of spices, nuts, herbs, grains, dried fruit and

                                                              vegetables

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

COMPANY NAME

 

GYMA ENTERPRISES FZE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Dubai Investment Park, Plot No. 597-626, Phase 2

Area                 : Jebel Ali Free Zone

PO Box             : 16886

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8816900 / 8857478

Facsimile          : (971-4) 8816910

Mobile               : (971-50) 6586546

Email                : gymadxb@emirates.net.ae

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Jebel Ali Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Jean Marc Lourau                                            French                        General Manager

 

·       K P Shafi                                                             -                            Human Resources Manager

 

·       Anil Kumar                                                          -                            Finance Manager

 

·       Karim Bin Amer                                                   -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th July 1992

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 7102

 

Chamber Member No. : 24566

 

Issued Capital              : UAE Dh 5,500,000

 

Paid up Capital            : UAE Dh 5,500,000

 

Name of Shareholder (s)                                              Percentage

 

·       Gyma International SA                                                   100%

Route de Pernes

84200 Carpentras

     France

     Tel: (33-4) 90608200

     Fax: (33-4) 90608230

 

 

AFFILIATED COMPANIES

 

·       Gyma Food Industries LLC

PO Box: 16886

Dubai

Tel: (971-4) 8857478

Fax: (971-4) 8857479

 

 

OPERATIONS

 

Activities: Engaged in the processing and packaging of spices, nuts, herbs, grains, dried fruit and vegetables.

 

     Subject has a packaging capacity of 11 tonnes a day.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 90 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 64,500,000                   UAE Dh 68,200,000

 

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

 

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

BANKERS

 

·       United Arab Bank

Deira Branch

PO Box: 4579

Dubai

Tel: (971-4) 2220181

Acc No. 215880081015

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction      July 2004                      July 2007                      October 2007

Credit amount                200,000             150,000             17,000

Amount overdue 0                                  0                                  0

Payment terms              60 days                         60 days                         30 days

Payment Method           Letters of Credit             Letters of Credit             Letters of Credit

Paying record                No Complaints               No Complaints               No Complaints

Currency                       Euros                            US Dollars                     Euros

 

 

GENERAL COMMENTS

 

Established in 1992, subject is involved in the processing and packaging of spices and general foodstuff products.

 

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 company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.78

UK Pound

1

Rs.80.11

Euro

1

Rs.68.82

 

 

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.