MIRA INFORM REPORT

 

 

Report No. :

321992

Report Date :

15.05.2015

 

IDENTIFICATION DETAILS

 

Name :

GLAZE GRANITE AND MARBLE TRADING EST

 

 

Registered Office :

Mussafah Industrial Area, M37, PO Box 32936, Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.06.2008

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of marble and granite.

 

 

No. of Employees :

82

 

 

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 :

Satisfactory

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 – 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

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. 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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

SUMMARY

 

Company Name                                    : GLAZE GRANITE AND MARBLE TRADING EST

Country of Origin                                   : Abu Dhabi, United Arab Emirates

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 30th June 2008

Trade Licence Number                           : 1145461

Chamber Membership Number               : 345994

Invested Capital                                                : UAE Dh 100,000

Total Workforce                         : 82

Activities                                               : Distributors of marble and granite

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

GLAZE GRANITE AND MARBLE TRADING EST

 

 

ADDRESS

 

Registered Address

 

Location           : Mussafah Industrial Area, M37

PO Box            : 32936

Town                : Abu Dhabi

Country : United Arab Emirates

Telephone         : (971-2) 5502390

Facsimile          : (971-2) 5502391

Email                : info@glazeuae.ae / glazeuae@eim.ae

 

Physical Address

 

Location           : Sharjah Industrial Area No. 15

PO Box                        : 24552

Town                : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5352390

Facsimile          : (971-6) 5352391

Mobile              : (971-50) 4790622

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Omesh Puniya                                                   Indian                           Proprietor & General Manager

 

Saif Jaresh  Mohamed Bin Jaresh Al Khan          Emirati                          Local Sponsor

 

Sumesh Kumar                                                  -                                   Assistant General Manager (Abu Dhabi)

 

Nitesh Shetty                                                     -                                  Assistant General Manager (Sharjah)

 

Deepak Gupta                                                   -                                   Financial Controller

 

Mohamed Yonas                                                    -                              Public Relations Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th June 2008

 

Legal Form                  : Sole Proprietorship

 

Trade Licence No.        : 1145461 (Expires 19/08/2015)

 

Chamber Member No.  : 345994

 

Invested Capital           : UAE Dh 100,000

 

Mr Omesh Puniya is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of marble and granite.

 

Import Countries: Italy, Spain, Greece, Portugal, Brazil, Turkey, Macedonia, India, Pakistan, Egypt and China.

 

Operating Trend: Steady

 

Subject has a workforce of 82 employees.

 

 

FINANCIAL DATA

 

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 18,250,000                   UAE Dh 19,700,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Sharjah Islamic Bank

Al Boorj Avenue

PO Box: 4

Sharjah

Tel: (971-6) 5547747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.84

UK Pound

1

Rs.100.65

Euro

1

Rs.72.88

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

               

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%)

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