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Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL GASES GROUP FZCO |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, Plot No. 644, P O Box 17670, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.08.2002 |
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Com. Reg. No.: |
467, Dubai |
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Legal Form : |
Free Zone Company |
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Line of Business : |
· providers of industrial and speciality gases to the offshore and medical markets. Subject provides welding and shielding, diving, pure,
medical and speciality gases and, gas control equipment. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
United Arab Emirates 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 : GLOBAL GASES GROUP FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 1st August 2002
Commercial Registration Number : 467, Dubai
Trade Licence Number : 3512
Chamber Membership Number : 70990
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 30
Activities : Providers of industrial and speciality gases
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
GLOBAL GASES GROUP
FZCO
Registered &
Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone, Plot No.
644
PO Box : 17670
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8872556 / 8830806
Facsimile : (971-4) 8872557 / 8830807
Email : globalg@emirates.net.ae / sales@globalgases.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Jebel
Ali Free Zone Area of Dubai.
Name Nationality Position
·
Deepak
Mehta Indian Managing
Director
·
Sapna
Mehta Indian Director
·
Michael
Poole - Group
Logistics Manager
Date of Establishment : 1st August
2002
Legal Form :
Free Zone Company - FZCO
Commercial Reg. No. : 467, Dubai
Trade Licence No. : 3512
(Expires 12/08/2014)
Chamber Member No. : 70990
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Deepak
Mehta 60%
·
Sapna
Mehta 40%
·
Global
Gases Group (Singapore) Pte Ltd
Singapore
·
Global
Gases Malaysia SDN BHD
Malaysia
·
Global
Gases South Africa (Pty) Ltd
South Africa
·
Global
Gases Australia Pty Ltd
Australia
·
Global Gases
Nanjing Ltd
China
·
Global
Gases Zhongshan Ltd
China
·
Global
Offshore Gases Nigeria Ltd
Nigeria
·
Global
Gases Mediterranean Ltd
Malta
·
Global
Gases India Pvt Ltd
Chennai
·
Global
Gases America Inc. (Global Speciality Gases)
United States of America
·
Global
Onshore Service
Afghanistan
·
Global
Gases PNG Ltd
Papua New Guinea
·
Global
Gases Group Georgia LLC
Georgia
·
Global
Gases Italia Srl
Italy
Activities: Engaged in the provision of industrial and speciality
gases to the offshore and medical markets.
Subject provides
welding and shielding, diving, pure, medical and speciality gases and, gas
control equipment.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 30 employees.
Companies
registered in Dubai, 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.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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 |
|
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 |
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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.