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Report No. : |
312733 |
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Report Date : |
18.03.2015 |
IDENTIFICATION DETAILS
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Name : |
GECO CHEMICAL
COMPANY LTD |
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Registered Office : |
Al Arooba Street,
Industrial Area No. 2, P O Box: 1145, 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 : |
31.05.1986 |
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Com. Reg. No.: |
14776, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and
Distribution of Chemical Raw Materials, Construction, Laundry, Refrigeration,
Oil and Gas Equipment. |
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No. of Employees : |
20 |
RATING & COMMENTS
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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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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 : GECO CHEMICAL
COMPANY LTD
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 31st
May 1986
Commercial
Registration Number : 14776,
Sharjah
Trade Licence
Number : 12104
Chamber Membership
Number : 15828
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 20
Activities :
Distributors of chemical raw materials, construction,
laundry, refrigeration, oil and gas
equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Furqan Ullah, Financial Manager
GECO CHEMICAL
COMPANY LTD
Street : Al Arooba Street
Area : Industrial Area No. 2
PO Box : 1145
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5346467 / 5340699
Facsimile : (971-6) 5342244
Mobile : (971-56) 2158332
Email : info@gecochemicals.ae / gecochem@eim.ae / furqan@geoscope.ae
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
·
Airport
Road Warehouse premises
PO Box: 289
Abu Dhabi
Tel: (971-2) 4434642
Fax: (971-2) 4462289
·
B K
Building Office
premises
Al Garhoud Area
Dubai
Tel: (971-4) 2865636
Fax: (971-4)
2865616
Name Position
·
Sheikh
Ahmed Bin Mohamed Al Qassimi Managing
Director
·
Sheikh
Salem Bin Mohamed Al Qassimi Director
·
Adrian
Ferrari Stanford General
Manager
·
Suhail
Khan Sales
Manager
·
Furqan Ullah Financial
Manager
·
Nuruddin
Jethajiwala Human
Resources Manager
Date of Establishment : 31st
May 1986
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 14776,
Sharjah
Trade Licence No. : 12104
(Expires 28/05/2015)
Chamber Member No. : 15828
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Sheikh
Ahmed Bin Mohamed Al Qassimi
·
Sheikh
Salem Bin Mohamed Al Qassimi
·
Geco Engineering
Ltd
Dubai
·
Tecon
Ltd
Sharjah
·
Geo Chemicals Oil & Gas Field Services
Abu Dhabi
Activities: Engaged in the import and distribution of
chemical raw materials, construction, laundry, refrigeration,
oil and gas equipment.
Import
Countries: Europe and GCC
countries
International
Suppliers:
·
TAM
·
Boddingtons
· Geohumus
· NALCO
· Melzer Speciality
Chemicals
· Terram Geotextile
Operating Trend: Steady
Subject has a
workforce of 20 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 19,100,000 UAE Dh 19,400,000
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 Sharjah
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
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.62.69 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.66.37 |
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 |
|
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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 |
|
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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 |
-- |
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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.