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Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
PURE HELIUM GULF FZE |
|
|
|
|
Registered Office : |
Plot No. B34B02A
& B34BD, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 16848, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
|
Date of Incorporation : |
20.06.1989 |
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Legal Form : |
Free Zone Establishment |
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|
|
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Line of Business : |
Subject is
engaged in the processing, bottling and distribution of liquid and gas helium and argon for MRI,
NMR, Laboratory and industrial use. |
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|
|
|
No. of Employees : |
25 |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 – 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 : PURE HELIUM GULF FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 20th June 1989
Trade Licence Number : 450
Chamber Membership Number : 16307
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 25
Activities : Processing, bottling and distribution of liquid and gas helium and argon
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Stephan Alex, Finance Manager
PURE HELIUM GULF
FZE
Registered &
Physical Address
Building : Plot No. B34B02A & B34BD
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16848
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8816001
Facsimile : (971-4) 8816323
Mobile : (971-50) 5538573
Email : helium@emirates.net.ae / kathrina.manalili@airliquide.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone, Dubai.
Name Position
·
Ranjit Nair General
Manager
·
Louriane Bertrand Marketing
Manager
·
Stephan Alex Finance
Manager
·
Ms Kathrina Manalili Administrative
Officer
Date of Establishment : 20th
June 1989
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 450
(Expires 14/06/2014)
Chamber Member No. : 16307
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Air Liquid Middle East
& North Africa FZCO 100%
Dubai Airport Free Zone
Dubai
United Arab Emirates
·
German Industrial Gases
FZE
Saif Zone
Sharjah
United Arab Emirates
·
Air Liquid Emirate LLC
Abu Dhabi
United Arab Emirates
Activities: Engaged in the processing, bottling and
distribution of liquid and gas
helium and argon for MRI, NMR,
laboratory and industrial use.
Import
Countries: United States of
America and India
International
Suppliers:
·
Linde
Global Helium United States
of America
Operating Trend: Steady
Subject has a
workforce of 25 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 125,000,000 UAE Dh 137,095,367
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Stephan Alex, Finance
Manager.
·
Commercial
Bank of Dubai
Jebel Ali Branch
PO Box: 2668
Dubai
Tel: (971-4) 8818882
Fax: (971-4) 8812252
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.66.57 |
|
UK Pound |
1 |
Rs.103.34 |
|
Euro |
1 |
Rs.88.16 |
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.