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MIRA INFORM REPORT
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Report No. : |
486703 |
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Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
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Name : |
GULF TEX MACHINE FZCO |
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Registered Office : |
RAK Free Zone, Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
2009 |
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Legal Form : |
Free Zone Company – FZCO |
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Line of Business : |
Subject is engaged in the import and distribution of textile machinery
and related accessories. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced
in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low
oil prices have prompted the UAE to cut expenditures, including on some social
programs, but the UAE has sufficient assets in its sovereign investment funds
to cover its deficits. The government reduced fuel subsidies in August 2015,
and has announced plans to introduce excise and value-added taxes by January 1,
2018. The UAE's strategic plan for the next few years focuses on economic
diversification, promoting the UAE as a global trade and tourism hub,
developing industry, and creating more job opportunities for nationals through
improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
GULF TEX MACHINE FZCO
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date :
2009
Trade Licence Number :
5006215
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
5
Activities :
Distributors of textile machinery and related accessories
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Mohamed Umair, Managing Director
COMPANY
NAME
GULF TEX MACHINE FZCO
ADDRESS
Registered Address
Location : RAK Free Zone
Town : Ras Al
Khaimah
Country : United Arab Emirates
Physical Address
Location : Plot No
EWTA60, Jebel Ali Free Zone
PO Box :
263479
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8873417
Facsimile : (971-4)
8873419
Mobile : (971-50)
8640950
Email : info@tmilonline.com
Please note that the correct PO Box number is 263479 and 2632479.
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Mohamed Umair Pakistani Managing
Director
LEGAL
FORM & OWNERS
Date of Establishment : 2009
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 5006215
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of
Shareholder (s) Percentage
Tex Machine International Ltd 100%
Dubai
Tel: (971-4) 8873416
Fax: (971-4) 8873419
AFFILIATED
COMPANIES
Gulf Tex Machine FZC
PO Box: 261665
Jebel Ali Free Zone
Dubai
Tel: (971-4) 8873416
Fax: (971-4) 8873419
Lic. No. 5614
OPERATIONS
Activities: Engaged in the import and distribution of textile machinery and related
accessories.
Import Countries: Switzerland
International
Suppliers:
Suzler Switzerland
Rieter Switzerland
Operating Trend: Steady
Subject has a workforce of 5 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 11,250,000 UAE Dh
12,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Habib Bank AG Zurich
Jebel Ali Free Zone
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
Acc No. 20311-333-171036
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that Mr Mohamed Umair, Managing Director refused to divulge
any information on the subject of your enquiry.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.77 |
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1 |
INR 89.20 |
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Euro |
1 |
INR 78.22 |
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UAE Dh |
1 |
INR 17.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.