|
Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL IMPEX LIMITED |
|
|
|
|
Registered Office : |
Ajman Free Zone,
Plot No. 127 & 128, P O Box 1465, Ajman |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
14.03.1999 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
importer and distributor of textiles, fabrics, textile machinery, electronic and digital cameras and CCTV equipment |
|
|
|
|
No. of Employees : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
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 : GLOBAL IMPEX LIMITED
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 14th March 1999
Trade Licence Number : 843
Total Workforce : 12
Activities : Distributors of textiles, fabrics, textile machinery, electronic and digital
cameras and CCTV equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mitesh Chohan, Financial Controller
GLOBAL IMPEX
LIMITED
Registered & Physical
Address
Location : Ajman Free Zone, Plot No. 127 &
128
PO Box : 1465
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7424399
Facsimile : (971-6) 7424633
Email : gimpex@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Ajman Free Zone.
Name Nationality Position
·
Sultan
Haider Sayed Indian Managing
Director
·
Bhunipder
Bhai Shah Indian Director
·
Mohamed Zuhair Khan - General
Manager
·
Mitesh
Chohan - Financial
Controller
Date of Establishment : 14th
March 1999
Legal Form :
Subject is the United Arab Emirates
registered branch of Global Impex Ltd, a Limited
Liability Company incorporated in the British Virgin Islands.
Global Impex Ltd in the United
Arab Emirates, operates as a Branch of a Foreign Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the British Virgin Islands.
Trade Licence No. : 843
Activities: Engaged in the import and distribution of
textiles, fabrics, textile machinery, electronic and digital cameras and CCTV
equipment.
Import
Countries: Italy, Japan,
United States of America, Turkey, Spain, Korea, India, Germany, Austria and
Belgium.
International
Suppliers:
·
Appalachian
Electronic Instruments Inc United
States of America
·
Toyota
Industries Corporation Japan
·
Hara
Corporation Japan
·
Murata
Machinery Ltd Japan
·
Lonati
SpA Italy
·
Conti
Complett SpA Italy
·
Exacta
SRL Italy
·
Simet
SRL Italy
·
LGL Electronics
SpA Italy
·
Cormatex
SRL Italy
·
Dokaksam
AS Turkey
·
Informatica
Textil SL Spain
·
Titan
Textile Machine SL Spain
·
Ukil
Machinery Co Ltd Korea
·
Rabatex
Industries India
·
Harsiddh
Textiles India
·
Automation
Partners Inc United
States of America
·
Redman
Card Clothing Co Inc United
States of America
·
Brintech
Inc United
States of America
·
Aztec
Machinery Co United
States of America
·
Kyoto
Machinery Co Ltd Japan
·
Xetma
Vollenweider GmbH Germany
·
Officina
Meccanica Tullio Guarneri SRL Italy
·
Tecnopea
SRL Italy
·
Pentek
Textile Machinery SRL Italy
·
Magetron
SRL Italy
·
Aigle
Macchine SRL Italy
·
Mat Di
Bertoldi A SRL Italy
·
Morrison
Textile Machinery Co United
States of America
·
Stanford
Technologies Inc United
States of America
·
United
States Supply Co United
States of America
·
Zimmer
Textile Technology GmbH Austria
·
Lawer
SpA Italy
·
Dalal
Engineering PVT Ltd India
·
Laxmi
Industrial Systems Stalmec Engineering PVT Ltd India
·
Amol
Dicalite Ltd India
·
Itochu
Systech Corporation Japan
·
Testa
SpA Italy
·
Atlas
Copco Ltd Belgium
·
Visco
Machinery India
·
Aurozon
(I) PVT Ltd India
·
Stalam Italy
Operating Trend: Steady
Subject has a
workforce of 12 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 Revenue UAE Dh 12,310,000 UAE Dh 13,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
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.61.16 |
|
UK Pound |
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
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.