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Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF TURBINE SERVICES LLC (GTS) |
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Registered Office : |
Mussafah Industrial Area PO Box 43552 Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
07.11.2001 |
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Com. Reg. No.: |
48594, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Supply and repair of Heavy Frame gas turbine components |
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No. of Employees : |
75 |
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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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the country
has undergone a profound transformation from an impoverished region of small
desert principalities to a modern state with a high standard of living. The
government has increased spending on job creation and infrastructure expansion
and is opening up utilities to greater private sector involvement. In April
2004, the UAE signed a Trade and Investment Framework Agreement with Washington
and in November 2004 agreed to undertake negotiations toward a Free Trade
Agreement with the US; however, those talks have not moved forward. The
country's Free Trade Zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis, tight
international credit, and deflated asset prices constricted the economy in
2009. UAE authorities tried to blunt the crisis by increasing spending and
boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it
was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment.
Source
: CIA
Company Name : GULF TURBINE SERVICES LLC (GTS)
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th November 2001
Commercial Registration Number : 48594, Abu Dhabi
Trade Licence Number : 1042200
Chamber Membership Number : 91113
Issued Capital : UAE Dh 2,999,999
Paid up Capital : UAE Dh 2,999,999
Total Workforce : 75
Activities : Supply and repair of Heavy Frame gas turbine components
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : N Mukarjee, Accountant
GULF TURBINE SERVICES LLC (GTS)
Location : Mussafah
Industrial Area
PO Box : 43552
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5549480
Facsimile : (971-2)
5549481
Email : ramez.tabello@ge.com
/ gina.sarambao@ge.com
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Abu Dhabi.
Name Position
· Taher Abu Jodah General
Manager
· Ramez Tabello Purchase
and Procurement Manager
· Ashraf Zaouaoi Financial
Manager
· Velawan Kandasami Sales
Manager
· N Mukarjee Accountant
Date of
Establishment : 7th
November 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 48594, Abu Dhabi
Trade Licence No. : 1042200 (Expires 09/02/2014)
Chamber Member No. : 91113
Issued Capital : UAE Dh 2,999,999
Paid up Capital : UAE Dh 2,999,999
· Turbine Services and
Solution (TS&S)
Abu Dhabi
· General Electric
International
Netherlands
Activities: Subject is engaged in the supply and repair of Heavy Frame gas turbine
components. Key customers
served by GTS include Dubai Aluminium Co,
Dubai Electricity and Water Authority, Abu Dhabi Gas Industries (Gasco) and Abu
Dhabi Gas Liquefaction in the UAE.
Import Countries: Europe and the Far East
Subject has a workforce of 75 employees.
Companies registered in Abu Dhabi, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
HSBC Bank Middle East
PO Box: 242
Abu Dhabi
Tel: (971-2)
8004440 / 6147259
Fax: (971-2)
6331564
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.