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Report Date : |
30.05.2014 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL IMPEX LIMITED |
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Registered Office : |
Ajman Free Zone, Plot No. 127 & 128 PO Box 1465 Ajman |
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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 : |
14.03.1999 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the import and distribution of textiles,
fabrics, textile machinery, electronic and digital cameras and CCTV equipment |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of a Foreign Registered Corporation |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
UAE |
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 : GLOBAL IMPEX LIMITED
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 14th March 1999
Trade Licence Number : 384
Total Workforce : 12
Activities : Distributors of textiles, fabrics, textile machinery, electronic and digital
cameras and CCTV equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mitesh Chohan, Financial Controller
GLOBAL IMPEX LIMITED
Registered &
Physical Address
Location : Ajman Free
Zone, Plot No. 127 & 128
PO Box : 1465
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7424399
Facsimile : (971-6)
7424633
Email : gimpex@emirates.net.ae
Please note that the correct PO Box number is 1465 and not 1464.
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Ajman Free Zone.
Name Nationality Position
· Sultan Haider
Sayed Indian Managing
Director
· Bhunipder Bhai
Shah Indian Director
· Mohamed Zuhair Khan - General
Manager
· Mitesh Chohan - Financial
Controller
· Vishal Solanki - Sales
Manager
Date of
Establishment : 14th
March 1999
Legal Form : Subject is the
United Arab Emirates registered branch of Global Impex Ltd, a Limited
Liability Company incorporated in the
British Virgin Islands.
Global Impex Ltd 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. : 384 (Expires 15/03/2014)
Activities: Engaged in the import and distribution of textiles, fabrics, textile
machinery, electronic and digital cameras and CCTV equipment.
Import Countries: Italy, Japan, United States of America, Turkey,
Spain, Korea, India, Germany, Austria and
Belgium.
International Suppliers:
· Appalachian
Electronic Instruments Inc United
States of America
· Toyota Industries
Corporation Japan
· Hara Corporation Japan
· Murata Machinery
Ltd Japan
· Lonati SpA Italy
· Conti Complett SpA Italy
· Exacta SRL Italy
· Simet SRL Italy
· LGL Electronics
SpA Italy
· Cormatex SRL Italy
· Dokaksam AS Turkey
· Informatica Textil
SL Spain
· Titan Textile
Machine SL Spain
· Ukil Machinery Co
Ltd Korea
· Rabatex Industries India
· Harsiddh Textiles India
· Automation
Partners Inc United
States of America
· Redman Card
Clothing Co Inc United
States of America
· Brintech Inc United
States of America
· Aztec Machinery Co United
States of America
· Kyoto Machinery Co Ltd Japan
· Xetma Vollenweider
GmbH Germany
· Officina Meccanica
Tullio Guarneri SRL Italy
· Tecnopea SRL Italy
· Pentek Textile
Machinery SRL Italy
· Magetron SRL Italy
· Aigle Macchine SRL Italy
· Mat Di Bertoldi A
SRL Italy
· Morrison Textile
Machinery Co United
States of America
· Stanford
Technologies Inc United
States of America
· United States
Supply Co United
States of America
· Zimmer Textile
Technology GmbH Austria
· Lawer SpA Italy
· Dalal Engineering
PVT Ltd India
· Laxmi Industrial Systems
Stalmec Engineering PVT Ltd India
· Amol Dicalite Ltd India
· Itochu Systech
Corporation Japan
· Testa SpA Italy
· Atlas Copco Ltd Belgium
· Visco Machinery India
· Aurozon (I) PVT
Ltd India
· Stalam Italy
Operating Trend: Steady
Subject has a workforce of 12 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 13,100,000 UAE Dh
16,269,570
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mitesh Chohan, Financial
Controller
·
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6)
5537222
Fax: (971-6)
5537880
·
National Bank of Ras Al Khaimah
Noor Al Kawthar
Mall
Ajman
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.58.84 |
|
|
1 |
Rs.98.41 |
|
Euro |
1 |
Rs.80.03 |
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 |
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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.