MIRA
INFORM REPORT
|
Report Date : |
23rd
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
DELMON SHIPPING & TRADING
ESTABLISHMENT |
|
|
|
|
Registered Office : |
Sheikh Khalifa Bin Zayed Street 45444, Abu Dhabi, United Arab Emirates |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31/12/2005 |
|
|
|
|
Date of Incorporation : |
2nd February 1981 |
|
|
|
|
Com. Reg. No.: |
15614, Abu Dhabi |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
|
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 250,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
DELMON SHIPPING & TRADING ESTABLISHMENT |
|
Country of Origin |
Abu Dhabi, United Arab Emirates |
|
Legal Form |
Sole Proprietorship |
|
Registration Date |
2nd February 1981 |
|
Commercial Registration Number |
15614, Abu Dhabi |
|
Trade Licence Number |
9188 |
|
Membership Number |
7380 |
|
Invested Capital |
UAE Dh 200,000 |
|
Total Workforce |
34 |
|
Line of Business |
Operations are performed through subject’s divisions (see below for details). |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
DELMON SHIPPING & TRADING ESTABLISHMENT
ADDRESS
Registered & Physical Address
Location : Sheikh Khalifa Bin Zayed Street
PO Box : 45444
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6272767 / 6272707
Facsimile : (971-2) 2627270
Email : delmon@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
Bassam Hejazi Jordanian Proprietor & General Manager
Khalfan Khamis Al Amimi Emirati Local Sponsor
Tariq Abou Al Ross - Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd February 1981
Legal Form : Sole Proprietorship
Commercial Reg. No. : 15614, Abu Dhabi
Trade Licence No. : 9188 (Expires 4th October 2006)
Membership No. : 7380
Invested Capital : UAE Dh 200,000
Mr Bassam Hejazi is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
Mideco Int Scaffolding Systems LLC
Sharjah
Mideco Intl Metal Contracting LLC
Ajman
Delmon Trading Project Developing LLC
Abu Dhabi
Al Reem
Dubai
Delmon Landscaping
Dubai
The Milestone
Dubai
Delmon Enterprises
Bucharest
Romania
Mideco Enterprises
Bucharest
Romania
Delmon Institute for Petroleum & Gas
Ploiesti
Romania
DCC Energy Group
Brasov
Romania
Romcan Energy Services
Bucharest
Romania
Delmon Ltd
United Kingdom
Mideco Ltd
United Kingdom
Delmon
Kentucky
United States of America
LINE OF BUSINESS
Operations : Subject’s operations are performed through the following divisions:
Trading Division
Engaged in the import and distribution of oilfield and gas equipment, pumps, valves and related spare parts.
Scaffolding Division
Distributors of scaffolding equipment.
Landscaping Division
Providers
of landscaping services.
Import Countries : Europe and the United States of America.
Operating Trend : Steady
Subject has a workforce of 34 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue UAE Dh 13,840,000 UAE Dh 14,220,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1981, subject is owned and managed by Mr Bassam Hejazi, a Jordanian national who operates in Abu Dhabi under the local sponsorship of Mr Khalfan Khamis Al Amimi.
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.
Maximum suggested credit figure: US$ 250,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |