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Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GBA PRODUCTS COMPANY LIMITED |
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Registered Office : |
Sheikh Zayed Road Plot No. 34/B/E, Jebel Ali Free Zone PO Box 4116
& 17037 Dubai |
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|
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.02.1993 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and distribution of aviation products for airports, marine
equipment, petroleum products, filters, chemicals and minerals, building
materials, metals, polymers and additives. |
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|
No. of Employees : |
60 |
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 |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
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 : GBA PRODUCTS COMPANY LIMITED
Country of Origin : Isle of Man, United Kingdom
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 21st February 1993
Trade Licence Number : 1463
Chamber Membership Number : 26500
Issued Capital : UAE Dh 12,000
Paid up Capital : UAE Dh 12,000
Total Workforce : 60
Activities : Distribution of aviation products for airports, marine equipment, petroleum products, filters, chemicals and minerals, building materials, metals,
polymers and additives.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : P S Ranganathan, Commercial Manager
GBA PRODUCTS COMPANY LIMITED
Street : Sheikh Zayed
Road
Area : Plot No.
34/B/E, Jebel Ali Free Zone
PO Box : 4116 &
17037
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8815565
/ 8815585
Facsimile : (971-4)
8816230
Mobile : (971-50)
6585441 / 8554614
Email : ramgba@emirates.net.ae / info@gba-gulf.com / ranga@gba-gulf.com
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Madhav Ramachandra Indian General Manager
· P S Ranganathan - Commercial
Manager
Date of
Establishment : 21st
February 1993
Legal Form : Subject is the
United Arab Emirates registered branch of GBA Products Company Ltd, a
Limited Liability Company
incorporated in the Isle of Man, United Kingdom.
GBA Products Company Ltd in the United Arab
Emirates, operates as a Branchof 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 Isle of Man, United
Kingdom.
Trade Licence No. : 1463 (Expires 13/11/2013)
Chamber Member No. : 26500
Issued Capital : UAE Dh 12,000
Paid up Capital : UAE Dh 12,000
Activities: Engaged in the import and distribution of aviation products for airports,
marine equipment, petroleum
products, filters, chemicals and minerals,
building materials, metals, polymers and additives.
Import Countries: Europe and the Far East
Clients:
· Emirate Petroleum
Co (EPCO)
· National Petroleum
Co (NPC)
Operating Trend: Steady
Subject has a workforce of 60 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 Sales UAE
Dh 17,800,000 UAE Dh
18,615,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
ABN Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4)
3512200
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.63.79 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.