MIRA
INFORM REPORT
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Report Date : |
23rd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
DOLPHIN HEAT TRANSFER LLC |
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Registered Office : |
Ajman Industrial Area 20678, Ajman United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31-12-2005 |
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Date of Incorporation : |
13th March 2004 |
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Com. Reg. No.: |
36999, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of heat exchangers. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
DOLPHIN HEAT TRANSFER LLC |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
13th March 2004 |
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Commercial Registration Number |
36999, Ajman |
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Trade Licence Number |
27775 |
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Membership Number |
3997 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
100 |
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Line of Business |
Manufacturers of heat exchangers. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
DOLPHIN HEAT TRANSFER LLC
ADDRESS
Registered & Physical Address
Location : Ajman Industrial Area
PO Box : 20678
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7482504
Facsimile : (971-6) 7482506
Email : dolheat@emirates.net.ae
Premises
Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
N J Nooruddin Indian Managing Director
Ali Omran Tareem Omran Emirati Director
Manish Kasar - Technical Manager
Asad Virani - Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th March 2004
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 36999, Ajman
Trade Licence No. : 27775, (Expires 12th March 2007)
Membership No. : 3997
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Ali Omran Tareem Omran 51%
N J Nooruddin 49%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with
not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Dolphin Manufacturing Ltd
Ajman Industrial Area
PO Box : 20678
Ajman
Tel : (971-6) 7482504 / 7432565
Fax : (971-6) 7482506
Dolphin Radiators & Cooling Systems Ltd
Musaffah Industrial Area
PO Box: 8402
Abu Dhabi
Tel : (971-2) 5553417
Fax : (971-2) 5559589
Email: adddolrad@emirates.net.ae
Dolphin Oilfield Equipment Services
Musaffah Industrial Area
PO Box: 8402
Abu Dhabi
Tel : (971-2) 5542401
Fax : (971-2) 5542405
Super Dolphin LLC
Al Aweer Area
Dubai
Tel : (971-4) 3332078
Fax :
(971-4) 3332634
MBS Trading
Deira
Dubai
Tel : (971-4) 2228277
Fax : (971-4) 2210882
LINE OF BUSINESS
Operations :
Engaged in the manufacture of heat exchangers for the gas and oilfield
industries.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 100 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/05 :
Total Revenue UAE Dh 18,650,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
HSBC Bank Middle East
Main Branch
Ajman
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2004, subject is involved in the manufacture of heat exchangers for the gas and oilfield industries.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 250,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |