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Report No. : |
304497 |
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Report Date : |
28.01.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF STAR
COMMODITIES (EMKE GROUP) |
|
|
|
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Registered Office : |
EMKE Building, 3rd Floor, New Airport Road, Muroor Area, P O Box: 27608 & 4048, Abu Dhabi |
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.06.1990 |
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Com. Reg. No.: |
14036, Abu Dhabi |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
Distribution of General Foodstuff Products, Including Pulses and Edible Oils. |
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No. of Employees : |
290 |
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 |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 : GULF STAR
COMMODITIES (EMKE GROUP)
Country of Origin : Abu Dhabi,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 12th
June 1990
Commercial
Registration Number : 14036, Abu
Dhabi
Trade Licence
Number : 1148900
Chamber Membership
Number : 12833
Invested Capital :
UAE Dh 500,000
Total Workforce : 290
Activities :
Distributors of general foodstuff products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sunny George,
Finance Manager
GULF STAR
COMMODITIES (EMKE GROUP)
Building : EMKE Building, 3rd
Floor
Street : New Airport Road
Area : Muroor Area
PO Box : 27608 & 4048
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6420700 / 6421800
Facsimile : (971-2) 6410555
Email : gstarest@emirates.net.ae
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Name Nationality Position
·
Yousef
Ali M A Indian Proprietor
·
Hamd
Rashed Al Mutawa Al Dhehri Emirati Local
Sponsor
·
P B
Narer - General
Manager
·
Raja
Abdul Qader - Business
Development Manager
·
Abdul
Razzaq - Human
Resources Manager
·
Sunny
George - Finance
Manager
Date of Establishment : 12th
June 1990
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 14036, Abu
Dhabi
Trade Licence No. : 1148900
(Expires 15/07/2015)
Chamber Member No. : 12833
Invested Capital
: UAE Dh 500,000
Mr Yousef Ali M A
is the sole proprietor of the business. He is an Indian national who operates
in Abu Dhabi under the local sponsorship of Mr Hamd Rashed Al Mutawa Al Dhehri.
Activities: Engaged in the import and distribution of
general foodstuff products, including pulses and edible oils.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of approximately 290 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 27,800,000 UAE Dh 29,375,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.92.77 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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.