|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOLDLINE
WORLDWIDE INC |
|
|
|
|
Registered Office : |
Suite C-3-31/07,
Saif Zone 8443, Sharjah |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
26.12.2001 |
|
|
|
|
Legal Form : |
Branch of a Foreign
Registered Corporation |
|
|
|
|
Line of Business : |
Engaged in the
wholesale, retail and export of scrap ferrous and non-ferrous metals and
recyclers of PVC and plastics |
|
|
|
|
No. of Employees |
15 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 $10 billion loan
from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce,
and growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and creating
more opportunities for nationals through improved education and increased
private sector employment
|
Source
: CIA |
Company Name : GOLDLINE WORLDWIDE INC
Country of Origin : British
Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 26th
December 2001
Trade Licence
Number : 01-03-01164
Issued Capital : US$
100,000
Paid up Capital : US$
100,000
Total Workforce : 15
Activities :
Wholesalers and retailers of scrap ferrous and non-ferrous metals and
recyclers of PVC and plastics.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Prag Shah,
Chief Financial Officer
GOLDLINE WORLDWIDE
INC
Building : Suite C-3-31/07
Area : Saif Zone
PO Box :
8443
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5473718 / 5570056
/ 5420533
Facsimile : (971-6) 5473718 / 5421053
Building : 302 Al Wasil Building (Umm Hurair
Building)
Street : Zabeel Road
Area : Karama
PO Box : 30936
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3344481
Facsimile : (971-4) 3334448 / 3344483
Mobile : (971-50) 4946390 / 5473718 /
9118241
Email : mass2002@eim.ae / prag@goldline.ae / prag@goldlinegroup.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Jasmine
Kaurr Anand Managing
Director
·
Rezwan
Ali Assistant
General Manager
·
Raheel
Ahmed Administration
Manager
·
Raja
Naido Operations
Manager
·
Shailesh
Jasani Finance
Manager
·
Prag
Shah Chief
Financial Officer
Date of Establishment : 26th
December 2001
Legal Form :
Subject is the United Arab
Emirates registered branch of Goldline Worldwide Inc, a Limited
Liability Company incorporated in the
British Virgin Islands.
Goldline Worldwide Inc 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. :
01-03-01164
Issued Capital : US$ 100,000
Paid up Capital : US$ 100,000
·
Goldline
Contracting LLC
PO Box: 30936
Dubai
Tel: (971-4) 3334481
Fax: (971-4) 3334448
·
GLT
Shipping & Logistic LLC
PO Box: 30936
Dubai
Tel: (971-4) 3344481
Fax: (971-4) 3334448
·
Goldline
Demolition LLC
PO Box: 30936
Dubai
Tel: (971-4) 3344481
Fax: (971-4) 3334448
·
Al
Umarah Metal Ltd
PO Box: 30936
Dubai
Tel: (971-4) 3344481
Fax: (971-4) 3334448
Activities: Engaged in the wholesale, retail and export
of scrap ferrous and non-ferrous metals and recyclers of PVC and plastics.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 15 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
650,000,000 UAE Dh
780,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Prag Shah, Chief Financial Officer
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.