MIRA
INFORM REPORT
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Report Date : |
10.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLUE DEEBAJ
CHEMICALS LLC |
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Registered Office : |
Computer Depot
Building, 7th Floor, Office No. 705, Bank Street, Bur Dubai, P O
Box 12874, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
31st December 2002 |
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Com. Reg. No.: |
68074, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
import and distribution of tannery and dyeing materials, inks, glue and
printing materials. |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BLUE DEEBAJ CHEMICALS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 31st December 2002
Commercial Registration Number : 68074, Dubai
Trade Licence Number : 540683
Membership Number : 74228
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Line of Business : Distributors of tannery and dyeing materials, inks, glue and
printing materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BLUE DEEBAJ
CHEMICALS LLC
ADDRESS
Registered & Physical Address
Building : Computer Depot Building, 7th
Floor, Office No. 705
Street : Bank Street
Area : Bur Dubai
PO Box : 12874
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2340414 / 3592309 / 2340481
Facsimile : (971-4) 2340414 / 3592304
Email : globalc@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Abdul Gani
Sarfaraz Yusuf Dhanani Indian Managing
Director
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Mohamed Yusuf
Abdul Razzak Dhanani Indian Director
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Sulaiman
Mohamed Khalifa Al Suwaidi Emirati Director
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Nasreen Yusuf - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 31st
December 2002
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 68074, Dubai
Trade Licence No. : 540683
(Expires 28th December 2008)
Membership No. : 74228
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
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Sulaiman
Mohamed Khalifa Al Suwaidi 51%
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Mohamed Yusuf
Abdul Razzak Dhanani 25%
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Abdul Gani
Sarfaraz Yusuf Dhanani 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 in the import and distribution of
tannery and dyeing materials, inks, glue and printing materials.
Subject’s product range includes Potassium Chloride, Ammonium Sulphate, Calcium Ammonium Nitrate, Di Ammonium Phosphate, Single Super Phosphate, NPK (Granular).
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Sales UAE Dh 4,750,000 UAE Dh
5,080,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
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Habib Bank AG
Zurich
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction November 2006
Credit amount 169,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2002, subject is involved in the import and distribution of tannery and dyeing
materials, inks, glue and printing materials.
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$ 300,000
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. |
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%)