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Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
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Name : |
GIBCA FURNITURE INDUSTRIES CO LLC (GFI) |
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Registered Office : |
Ajman New Industrial Area PO Box 20923 & 3072 Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.01.1993 |
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Com. Reg. No.: |
5134, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of furniture products |
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No. of Employees : |
225 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 : GIBCA FURNITURE INDUSTRIES CO LLC (GFI)
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th January 1993
Commercial Registration Number : 5134, Ajman
Trade Licence Number : 17975
Chamber Membership Number : 14343
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
Total Workforce : 225
Activities : Manufacture of furniture products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sirvastan Nambiragan, Finance Manager
GIBCA FURNITURE INDUSTRIES CO LLC (GFI)
Location : Ajman New
Industrial Area
PO Box : 20923 &
3072
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7436888
/ 7435923
Facsimile : (971-6) 7436903
/ 7435938
Email : gibtrd@emirates.net.ae
/ info@gfiuae.com
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of Ajman.
Branch Office (s)
Location Description
· Dubai – Sharjah
Road Sales
Office
PO Box: 289
Sharjah
Tel: (971-6)
5333333
Fax: (971-6)
5333444
Name Position
· Sheikh Faisal Bin
Sultan Al Qassimi Managing
Director
· Sheikh Khalid Saqr
Al Qassimi Director
· Sheikh Sultan Bin
Saqr Al Qassimi Director
· Tanwir Farooqi General
Manager
· Sirvastan
Nambiragan Finance
Manager
· Abdul Ziyad Operations
Manager
Date of
Establishment : 6th
January 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 5134, Ajman
Trade Licence No. : 17975
Chamber Member No. : 14343
Issued Capital : UAE Dh 10,000,000
Paid up Capital : UAE Dh 10,000,000
· Gibca Company Ltd 70%
PO Box: 289
Sharjah
Tel: (971-6)
5333333
Fax: (971-6)
5333444
· Sheikh Faisal Bin
Sultan Al Qassimi 20%
· Sheikh Khalid Saqr
Al Qassimi 5%
· Sheikh Sultan Bin
Saqr Al Qassimi 5%
Subject is a member of the Gibca Group of
Companies, which has diversified activities covering
manufacturing, contracting, trading & representation, retailing,
property and investment.
The Gibca Group consists of the following concerns:
· Alico Industries
Co. Ltd
· Arabian Profile
Company Limited
· Aluminium and
Light Industries Co. Ltd
· Commercial United
Packaging Co. Ltd
· Gibca Crusher and
Quarry Operations Company Ltd
· Glasshouse Co. Ltd
· Glass Reinforced
Composites
· Gibca Mineral
Industries LLC
· Gulf Glass
Industries Co. Ltd
· Tekab Co. Ltd
· Gibca Electro
Mechanical Company Ltd
· Continental
Trading Co. LLC
· EMA Lubricants Co.
Ltd
· Emirates
Specialities Co. LLC
· Gibca Air
Conditioning
· Grand Stores
· Ajman Souk
· Coral Beach Resort
· Dhaid Souk
Activities: Engaged in the manufacture of furniture products including, classroom
accessories, cubicles, lockers,
kitchen units, vanities, partitions, glass
walls, acoustic ceiling and wall panels, desks and chairs.
Subject has signed a licence agreement with
Hufcor Inc, of the USA, to produce operable walls and folding partitions under
license in the United Arab Emirates and will cover sales in the entire Arab-GCC
countries.
Subject is ISO 9001 accredited.
Import Countries: United States of America, Japan, the Netherlands
and Austria.
International Suppliers:
· Trespa
International BV Netherlands
· Artweger Austria
· Hufcor Inc United States of
America
· Daiken Japan
· Kotobuki Japan
Operating Trend: Steady
Subject has a workforce of approximately 225 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE
Dh 73,600,000 UAE Dh
80,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sirvastan Nambiragan, Finance
Manager
·
Abu Dhabi Commercial Bank
PO Box: 1843
Ajman
Tel:
(971-6) 7443444
Fax:
(971-6) 7443300
·
National Bank of Ras Al Khaimah
King Faisal Road
PO Box: 41010
Sharjah
Tel: (971-6) 5746888
Fax: (971-6) 5746363
No complaints regarding subject’s payments have been reported.
Gibca Furniture Industries Co LLC (GFI) has been trading for over 15
years and specialises in the manufacture of furniture products, such as
cubicles, lockers, kitchen units, vanities, partitions, glass walls, acoustic
ceiling and wall panels, desks and chairs.
The company is a member of the well-known Gibca Group of Companies, and
is partly owned by Sheikh Khalid Saqr Al Qassimi, a member of the ruling family
in Ajman, and a wealthy and prominent businessman.
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.53.68 |
|
|
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.71.87 |
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.