MIRA INFORM REPORT

Report No. :	347063
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	GBX TRADING FZE
Registered Office :	Jebel Ali Free Zone Area View 18, Office No. LB18/1803, 18th Floor Area Jebel Ali Free Zone, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2014
Date of Incorporation :	06.06.2010
Legal Form :	Free Zone Establishment - FZE
Line of Business :	Subject is engaged in the import and distribution of readymade garments.
No. of Employees :	5

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	GBX TRADING FZE
2) Registered Address:
Address		:	Jebel Ali Free Zone Area View 18, Office No. LB18/1803, 18th Floor Area Jebel Ali Free Zone
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	263281
Phone (s)		:	(971-4) 8847085
Facsimile		:	(971-4) 8847081
Email		:	sales@gbxtrading.com
3) Operational Address & Contact Details:
Address		:	Jebel Ali Free Zone Area View 18, Office No. LB18/1803, 18th Floor Area Jebel Ali Free Zone
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	263281
Phone (s)		:	(971-4) 8847085
Facsimile		:	(971-4) 8847081
Email		:	sales@gbxtrading.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Free Zone Establishment - FZE
Date of Registration		:	6th June 2010
Trade License Number		:	122863
KEY FACTS
Operational Status		:	Steady
Financial Condition		:	Fair
Primary Business Activity		:	Distributors of readymade garments
Number of Employees		:	5
Capital		:	UAE Dh 1,000,000
Note:
Engaged in the import and distribution of readymade garments.
CAPITAL DETAILS
Issued Capital:
NO OF SHARES			VALUE OF SHARE		AMOUNT
N/A			N/A		UAE Dh 1,000,000
Paid Up Capital:
NO OF SHARES					AMOUNT
N/A			N/A		UAE Dh 1,000,000
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 8,400,000		UAE Dh 8,925,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
BANKER
1	Name			Arab Emirates Investment Bank Ltd
	Address			Deira Branch
	PO Box			5503 Dubai
	Tel			(971-2) 2222191
SHAREHOLDERS
Sr.No	Name of Shareholders				Nationality	No. of Shares
1	Denpendra Bhart Goinka				Indian	100%
SENIOR MANAGEMENT
Sr.No	Name			Nationality	Dsignation
1	Denpendra Bhart Goinka			Indian	Managing Director
2	Aziz Tibrewal			n/a	Accounts Manager
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Europe			Import
2	GCC			Import
BRAND NAMES
Sr.No	Name
1	MANGO
2	SPLASH
3	NEW LOOK
4	DEBENHAMS
PREMISES
Subject operates from a small suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S 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.65.22
UK Pound	1	Rs.99.93
Euro	1	Rs.71.67

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.