MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
DIESEL SYSTEMS INTERNATIONAL LLC |
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Registered Office : |
Dubai Ship Docking Yard, JY-146, Al Quta’eyat Road, Jadaf
Area, P O Box - 27325, Dubai, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1st November 1995 as a Partnership, however on 19th
January 2002 subject re- registered as a Limited Liability Company. |
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Com. Reg. No.: |
58261, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Subject is engaged in the distribution and maintenance of diesel
engines, compressors and various industrial equipment, boat and marine
equipment, pumps and valves. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
DIESEL SYSTEMS INTERNATIONAL LLC
Country of Origin :
Legal Form :
Limited Liability Company – LLC
Start Date :
1st November 1995
Registration Date :
19th January 2002
Commercial Registration Number :
58261,
Trade Licence Number :
129251
Membership Number :
66739
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
20
Line of Business :
Distributors and maintainers of diesel engines, compressors and
various industrial equipment, boat and marine
equipment, pumps
and valves.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
DIESEL SYSTEMS INTERNATIONAL LLC
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Jadaf Area
PO Box : 27325
Town :
Country :
Telephone : (971-4) 3241150
/ 3341293
Facsimile : (971-4)
3241086
Email : dsduae@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Port Area of Dubai.
Branch Office (s)
PO Box : 1868
Tel : (971-9) 242077
Fax : (971-9) 242177
KEY PRINCIPALS
Name Nationality Position
Pabitra Kanti Saha Canadian Managing Director
Faisal Mahmood Abdullah Amiri Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 1st
November 1995 as a Partnership, however on 19th January 2002 subject
re-
registered as a Limited Liability Company.
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 58261,
Trade Licence No. : 129251 (Expires
21st November 2007)
Membership No. : 66739
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Faisal Mahmood Abdullah Amiri 51%
Pabitra Kanti Saha 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
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 : Subject is
engaged in the distribution and maintenance of diesel engines, compressors
and
various industrial equipment, boat and marine equipment, pumps and
valves.
Import Countries :
International Suppliers : Deutz Services International
Riech
Operating Trend : Steady
Subject has a workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE
Dh 23,200,000 UAE
Dh 24,684,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1995, Diesel System International LLC, has gained a good
reputation for the quality of its products. Its deals with a number of
international suppliers who report that payments are made in a timely manner.
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 and
the above credit figure is deemed to be within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)