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Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
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Name : |
GULF SCAN LL |
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Registered Office : |
Industrial Area
No. 17, Plot No. 51 & 53, Sharjah 23547 |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.12.1992 |
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Com. Reg. No.: |
23349, Sharjah |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Engaged in the
provision of colour separation, digital imaging,
graphics and flexographic plate services. |
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No of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : GULF SCAN LLC
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
16th December 1992
Commercial Registration Number :
23349, Sharjah
Trade Licence Number :
115982
Chamber Membership Number :
30887
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
200
Activities :
Providers of colour separation, digital imaging,
graphics and
flexographic plate services.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Daharam Parakhm, Financial Manager
GULF SCAN LLC
Location : Industrial
Area No. 17, Plot No. 51 & 53
PO Box : 23547
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5355454
Facsimile : (971-6)
5355459
Mobile : (971-50)
6281396 / (971-55) 9807046
Email : manojgarg@gulfscan.com / info@gulfscan.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Sharjah.
Name Nationality Position
· Ashok Nerker Indian Managing
Director
· Sayed Obaid Al
Jerwan Emirati Director
· Manoj Garag - General
Manager
· Tanweer Barkat - Production
Manager
· Martins Savio - Sales
Manager
· Daharam Parakhm - Financial
Manager
· Shanty Mathew - Accounts
Manager
Date of
Establishment : 16th
December 1992
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 23349, Sharjah
Trade Licence No. : 115982
Chamber Member No. : 30887
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
· Sayed Obaid Al
Jerwan 51%
· Ashok Nerker 49%
Activities: Engaged in the provision of colour
separation, digital imaging, graphics and flexographic plate services.
Subject’s services include:
Import Countries: India, Germany and Sweden.
International
Suppliers:
·
ITC India
·
UPM Germany
·
Stora & Anso Sweden
Operating Trend: Steady
Subject has a
workforce of approximately 200 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 Revenue UAE
Dh 68,650,000 UAE Dh
71,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Daharam Parakhm, Financial Manager
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
No complaints regarding
subject’s payments have been reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.52 |
|
|
1 |
Rs. 101.47 |
|
Euro |
1 |
Rs. 84.11 |
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 |
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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 |
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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 |
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.