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Report Date : |
14.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GIESSE GULF GROUP LLC |
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|
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Registered Office : |
Mohamed Juma
Alfalasi Building, Sheikh Zayed Road, 3rd Interchange, Al Quoz Industrial
Area 52766 Dubai |
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Country : |
United Arab
Emirates |
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|
|
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.03.2005 |
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Com. Reg. No.: |
72950, Dubai |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of building materials and construction equipment. |
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|
|
No of Employees : |
11 |
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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|
|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 : GIESSE GULF GROUP LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
22nd March 2005
Commercial Registration Number :
72950, Dubai
Trade Licence Number :
567198
Chamber Membership Number :
95730
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
11
Activities :
Distributors of building materials and construction equipment
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
GIESSE GULF GROUP LLC
Building : Mohamed Juma
Alfalasi Building
Street : Sheikh Zayed
Road, 3rd Interchange
Area : Al Quoz
Industrial Area
PO Box : 52766
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3388320
Facsimile : (971-4)
3388321
Email : giesse@emirates.net.ae
Subject operates from a small suite of offices and a warehouse that are rented
and located in the Industrial Area of Dubai.
Name Nationality Position
· Rashid Hassan
Rashid Ahmed Al Abbar Emirati Managing Director
Date of
Establishment : 22nd
March 2005
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 72950, Dubai
Trade Licence No. : 567198 (Expires 21/03/2014)
Chamber Member No. : 95730
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Rashid Hassan Rashid Ahmed Al Abbar 51%
·
Giesse Group Industrial SpA 49%
Italy
Activities: Engaged in the import and distribution of building materials and
construction equipment.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 11 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 11,500,000 UAE Dh
12,145,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
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. 62.27 |
|
|
1 |
Rs. 103.46 |
|
Euro |
1 |
Rs. 84.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.