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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
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Name : |
GULF FLAVOURS & FOOD INGREDIENTS FZCO |
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Registered Office : |
Sheikh Zayed Road, Roundabout No. 8, Warehouse No: RA08DC02 Jebel Ali Free Zone PO Box 18129 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.03.2002 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Manufacturers and distributors of food ingredients and colourings. |
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No. of Employees : |
3 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
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 UAE 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. The economy is expected to continue a slow rebound. 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 FLAVOURS & FOOD INGREDIENTS FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 19th March 2002
Trade Licence Number : 3342
Chamber Membership Number : 66518
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Activities : Manufacturers and distributors of food ingredients and colourings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
GULF FLAVOURS & FOOD INGREDIENTS FZCO
Street : Sheikh Zayed
Road, Roundabout No. 8, Warehouse No:
RA08DC02
Area : Jebel Ali
Free Zone
PO Box :
18129
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8833923
/ 8824209
Facsimile : (971-4)
8833924
Mobile : (971-50)
5525670 / 5578721
Email : gffhanan@emirates.net.ae
/ gflafrag@emirates.net.ae
/ info@gulfflavours.ae
Subject operates from a small of offices and a warehouse that are rented
and located in the Jebel Ali Free Zone.
Name Nationality Position
· Philip Alfred
Gould British Managing
Director
· Majid Mohamed
Mehryar Iranian Director
· Bhayar Mahmoudov - Administration
Manager
· Gul Nara - Financial
Controller
· Marcil Simon - Administration
Executive
Date of
Establishment : 19th
March 2002
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 3342
Chamber Member No. : 66518
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Majid Mohamed
Mehryar 80%
· Philip Alfred
Gould 20%
Activities: Engaged in the manufacture and distribution of food ingredients and
colourings, including flavours and
fragrances.
Import Countries: Europe and GCC countries.
International Suppliers:
· Aramco Flavours United Kingdom
· Ungere United Kingdom
Brand Names: GFF
Operating Trend: Steady
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 13,310,000 UAE Dh
13,750,000
Local sources consider subject’s financial condition to be Fair.
·
Lloyds Bank Plc
PO Box: 3766
Dubai
Tel: (971-4)
3422000
Fax: (971-4) 3422660
No complaints regarding subject’s payments have been reported.
Credit amount 50,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.