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Report No. : |
303767 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Hamriyah Free Zone, Phase 1, 41721, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.08.2006 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the manufacture of valves and accessories |
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No. of Employee : |
200 |
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 : |
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, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
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.
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Source
: CIA |
Company Name : GULF VALVE FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 1st August 2006
Trade Licence Number : 1338
Chamber Membership Number : 800239
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 200
Activities : Manufacturers of valves and accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jayesh Nallikkal, Senior Accountant
GULF VALVE FZE
Location : Hamriyah Free Zone, Phase 1
PO Box : 41721
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5134600 / 5260212
Facsimile : (971-6) 5260878
Email : gulfvalvesales@pentair.com / jayesh.nallikkal@pentair.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Hamriyah Free Zone Area of Sharjah.
Name Position
·
Mukund
Vasu Daven General
Manager
·
Somaish Shaar Finance
Manager
·
Jayesh Nallikkal Senior
Accountant
·
Andy Hoxley Marketing
Manager
·
Raja Ram Export
Manager
Date of Establishment : 1st
August 2006
History : Subject began in 2006 under the name “GCF
Fluid Flow FZE”. However on 22nd July 2012 it changed its name to “Gulf Valve
FZE”.
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 1338
Chamber Member No. : 800239
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Pentair Gulf Holding FZE 100%
Hamriyah Free Zone
Sharjah
·
Emirates Techno Casting LLC
Ajman
·
Emirates Techno Casting FZE
Hamriyah Free Zone
Sharjah
Activities: Engaged in the manufacture of valves and
accessories.
Import
Countries: Europe and the
Far East
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 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
38,750,000 UAE Dh
41,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Sharjah
Islamic Bank
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.84 |
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|
1 |
Rs.93.26 |
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Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.