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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLINTS GLOBAL GENERAL TRADING LLC |
|
|
|
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Registered Office : |
Century 21
Building, 3rd Floor, Office No. 306, Abi Baker Siddiqi Street, Deira,
P O Box 80901, Dubai |
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|
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.03.2013 |
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|
|
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Date of Incorporation : |
03.06.2003 |
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|
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Com. Reg. No.: |
96913, Dubai |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
importer and distributor of textiles and scrap
metals including copper, iron ores and steel. |
|
|
|
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No. of Employees : |
46 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
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 : GLINTS GLOBAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd June 2003
Commercial Registration Number : 96913, Dubai
Trade Licence Number : 545551
Chamber Membership Number : 78136
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 46
Activities : Distributors of textiles and scrap metals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person (s)
Interviewed :
Ravi Srinivas, Chief Finance Officer
GLINTS GLOBAL
GENERAL TRADING LLC
Registered &
Physical Address
Building : Century 21 Building, 3rd
Floor, Office No. 306
Street : Abi Baker Siddiqi Street
Area : Deira
PO Box : 80901
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2397467
Facsimile : (971-4) 2397485
Mobile : (971-50) 5502919
Email : info@glintsglobal.com / admin@glintsglobal.com
Please note that
subject’s previous address was, Al Owais Business Tower, Suite No. 1105, Deira,
Dubai.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Manoj
Kumar Gerg Indian Managing Director
·
Obaid
Saeed Rashid Khalfan Al Shamsi Emirati Director
·
Ravi
Srinivas - Chief
Finance Officer
·
B G
Joby - Human
Resources Manager
·
Ashok
Jah - Marketing
Manager
·
Sanjay
Vendari - Sales
Manager
·
Rohit
Natekar - Administration
Manager
Date of Establishment : 3rd
June 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 96913, Dubai
Trade Licence No. : 545551
(Expires 30/05/2014)
Chamber Member No. : 78136
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Obaid
Saeed Rashid Khalfan Al Shamsi 51%
·
Manoj Kumar
Gerg 49%
·
Glints
Global General Trading Pte Ltd
North Bridge Road, No. 07/02
Thai Street
Centre
Singapore 179094
Tel: (63) 366687
Fax: (63) 366637
·
Ford
Asia International Ltd
Suites-820, 8th Floor, Star
House
3 Salisbury Road, Tsim Sha
Tsui
Kowloon
Hong Kong
Tel: (852) 23677704
Fax: (852) 23677705
·
Glints
Global HK Ltd
Suites-820, 8th Floor, Star
House
3 Salisbury Road, Tsim Sha
Tsui
Kowloon
Hong Kong
Tel: (852) 23677704
Fax: (852) 23677705
·
Glints
Global Middle East FZE
Hamriyah Free Zone
Sharjah
Activities: Engaged in the import and distribution of
textiles and scrap metals including copper, iron ores and steel.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce
of 46 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/03/12: Year Ending
31/03/13:
Total Revenue US$ 152,970,617 US$ 380,581,843
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ravi Srinivas, Chief Finance Officer
·
Habib
Bank AG Zurich
Bur Dubai
PO Box: 3306
Dubai
Tel: (971-4) 2214535
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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.