MIRA INFORM REPORT

 

 

Report Date :

11th May 2006

 

IDENTIFICATION DETAILS

 

Name :

DIVYA INTERNATIONAL LLC

 

 

Registered Office :

Al Fattan Building

Al Quta’eyat Road, Al Karama

32650, Dubai

United Arab Emirates

 

 

Date of Incorporation :

1st March 1999

 

 

Com. Reg. No.:

52433, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Electromechanical, plumbing and electrical contractors.

 

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

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

Company Name

DIVYA INTERNATIONAL LLC

Country of Origin

Dubai, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

1st March 1999

Commercial Registration Number

52433, Dubai

Trade Licence Number

510498

Membership Number

53420

Issued Capita

lUAE Dh 300,000

Paid up Capital

UAE Dh 300,000

Total Workforce

26

Line of Business

Electromechanical, plumbing and electrical contractors.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

DIVYA INTERNATIONAL LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building      : Al Fattan Building

Street                   : Al Quta’eyat Road

Area            : Al Karama

PO Box        : 32650

Town           : Dubai

Country      : United Arab Emirates

Telephone   : (971-4) 3373130 / 3350124

Facsimile    : (971-4) 3371870 / 3356992

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                                          Nationality            Position

 

Paresh Pratapra Mehta                               Indian                   Managing

                                                                                                Director

 

Mukund Pratapra Mehta                            Indian                   Director

 

Rashid Mohamed Mahran Al Balooshi       Emirati                 Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st March 1999

 

Legal Form                    : Sharikat Thet Massouliya Mahdoudeh (Limited

                                        Liability Company - LLC)      

 

Commercial Reg. No.    : 52433, Dubai

 

Trade Licence No.         : 510498

 

Membership No.           : 53420

 

Issued Capital               : UAE Dh 300,000

 

Paid up Capital             : UAE Dh 300,000

 

Name of Shareholder (s)                              Percentage

 

Rashid Mohamed Mahran Al Balooshi                 51%

 

Paresh Pratapra Mehta                                         25%

 

Mukund Pratapra Mehta                                      24%

 

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.

 

 

LINE OF BUSINESS

 

Operations : Engaged as electromechanical, plumbing and electrical contractors.

 

Import Countries : Europe and the Far East.

 

Operating Trend : Steady

 

Subject has a workforce of 26 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 6,120,000                  UAE Dh 6,390,000

 

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

 

 

BANKERS

 

Abu Dhabi Commercial Bank

Al Rigga Road

PO Box : 5550

Dubai

Tel : (971-4) 2958888 / 3228141

Fax : (971-4) 2959310 / 3279632

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1999, subject is owned and managed by Mr Paresh Pratapra Mehta and Mr Mukund Pratapra Mehta who are Indian nationals operating in Dubai under the local sponsorship of Mr Rashid Mohamed Mahran Al Balooshi.

 

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$ 150,000

 

 

 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

 

 

 

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