MIRA INFORM REPORT
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Report Date : |
17th May 2006 |
IDENTIFICATION DETAILS
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Name : |
NOVA TAPES & STATIONERY INDUSTRIES LLC |
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Registered Office : |
Rasl Al Khor Industrial
Area, Plot No. SS1B Al Aweer, 2194 Dubai,
United Arab Emirates |
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Date of Incorporation : |
1997 |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Manufacturers
of adhesive tapes |
RATING & COMMENTS
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MIRA’s Rating : |
A |
RATING
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
NOVA TAPES & STATIONERY INDUSTRIES LLC |
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Country of Origin |
Dubai, United Arab Emirates |
|
Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1997 |
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Trade Licence Number |
232275 |
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Issued Capital |
UAE Dh 2,000,000 |
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Paid up Capital |
UAE Dh 2,000,000 |
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Total Workforce |
70 |
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Line of Business |
Manufacture of adhesive tapes. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NOVA TAPES & STATIONERY INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Location : Rasl Al Khor Industrial Area, Plot No. SS1B
Area : Al Aweer
PO Box : 2194
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3337600 / 3332211 / 3339600
Facsimile : (971-4) 3337411 / 3332667 / 3337211
Email : novaind@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
Abu Dhabi Sales Office
United Arab Emirates
Tel : (971-2) 5540600
Fax : (971-2) 5540747
Al Ain Sales Office
United Arab Emirates
KEY PRINCIPALS
Name Nationality Position
Hassan Darvesh Emirati Managing Director
Dilip Desai Indian Director
M. Anand Indian Director
Joseph Sores General Manager
Manoj Kumar Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : 1997
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Trade Licence No. : 232275
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Name of Shareholder (s) Percentage
Hassan Darvesh 51 %
Dilip Desai ]
] 49 %
M. Anand ]
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
Subject is a member of the Darvesh Group of Companies, which has extensive and varied operations throughout the Middle East, Far East and Africa. The group is currently planning to extend operations to Myanmar and other CIS countries. The combined annual turnover of the group is in excess of
US$ 70 million.
The Darvesh Group of Companies consists of the following concerns :
Abou Nabil LLC (ANETCO)
Al Noor Street
PO Box : 174
Muttrah 114
Oman
Tel : (968) 593249
Fax : (968) 595278
Email : anetco@omantel.net.om
Mega Star Trading Co LLC (MSTC)
PO Box : 6512
Dubai
United Arab Emirates
Tel : (971-4) 3332211
Fax : (971-4) 3332667
Email : mega@emirates.net.ae
Nova Home Appliances
PO Box : 2194
Dubai
United Arab Emirates
Tel : (971-4) 3337600
Fax : (971-4) 3337411
Batavia Eximp & Contracting (S) Pte Ltd (BECS)
Maxwell Road
PO Box : 3544
Singapore 9055
Tel : (65) 2255633
Fax : (65) 2255733
Associate Lumbers Ltd
Associate House
85 Victoria Road
Mustafa Bazzar
Mumbai 400010
India
Tel : (91-22) 3717777
Fax : (91-22) 3738787
West African Trading Co (WATCO)
32 Boulevard Latrille
PO Box : 833
Abid
Ivory Coast
Tel : (225) 448859
General Trading & Contracting Co Ltd (GETCO)
42 Azadliq Prospect, Apt 18
Baku 370007
Azerbaijan
Tel : (994-12) 964209
Fax : (994-12) 964209
LINE OF BUSINESS
Operations : Subject is engaged in the manufacture of adhesive tapes for packaging and industrial uses.
The product range includes the following :
- BOPP self adhesive tapes (clear & brown) for the packaging industry
- BOPP self adhesive tapes (in various colours and logos)
- Masking / Paper / Protection tapes for the construction and interior decoration purposes
- Aluminium foil tapes
- Protection adhesive film for the glass industry
- Ducting tapes
Import Countries : India, Germany and the Far East.
Brand Names : NOVA
Operating Trend : Steady
Subject has a workforce of 70 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 20,500,000 UAE Dh 21,175,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
Acc No. 2-1-2-20311-105-205403
Emirates Bank International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Nova Tapes & Stationery Industries LLC was established in 1997 to manufacture adhesive tapes for packaging and industrial uses. The company is reportedly making good progress in the local business market, benefiting from its association with the Darvesh Group of Companies, which has operations and contacts throughout the Middle East, Far East and Africa.
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$ 350,000
RATING EXPLANATIONS
RATING
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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 |