MIRA INFORM REPORT

 

 

Report Date :

01.07.2008

 

IDENTIFICATION DETAILS

 

Name :

SOLID TOOLS BUILDING MATERIALS TRADING LLC

 

 

Registered Office :

Al Sabkha Building, Ground Floor, Shop No. 15, Al Sabkha Street, Murshid Bazar, Al Bateen, Deira, PO Box  34599 & 49880, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

20.05.2004

 

 

Com. Reg. No.:

67826, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import and Distribution of Building Materials, Tools, Hardware and Steel  Products

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                                     : SOLID TOOLS BUILDING MATERIALS TRADING LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 20th May 2004

Commercial Registration Number            : 67826, Dubai

Trade Licence Number                            : 557325

Chamber Membership Number                : 87572

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                         : 7

Activities                                               : Import and distribution of building materials, tools, hardware and steel

                                                              products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

 

 

 

 

 

COMPANY NAME

 

SOLID TOOLS BUILDING MATERIALS TRADING LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Sabkha Building, Ground Floor, Shop No. 15

Street               : Al Sabkha Street

Area                 : Murshid Bazar, Al Bateen, Deira

PO Box             : 34599 & 49880

Town                 : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 2267462 / 2267402

Facsimile          : (971-4) 2267421

Mobile               : (971-50) 5382371

Email                : tools@emirates.net.ae

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Vishent Verma Gulshan Kumar Verma               Indian                         Managing Director

 

·       Abbas Mohamed Abdul Karim Abdullah             Emirati                        Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th May 2004

 

History                         : Subject was originally established in 2004 between the following shareholders:

 

                                      -  Abbas Mohamed Abdul Karim Abdullah

                                      -  Vishent Verma Gulshan Kumar Verma

                                      -  Satinder Pal Amarnath Shoor

 

However in May 2008, Mr Satinder Pal Amarnath Shoor withdrew from the business assigning his shares to Mr Vishent Verma Gulshan Kumar Verma. Consequently the company is now owned by the shareholders listed below.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 67826, Dubai

 

Trade Licence No.       : 557325 (Expires 18/05/2009)

 

Chamber Member No. : 87572

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                              Percentage

 

·       Abbas Mohamed Abdul Karim Abdullah                            51%

 

·       Vishent Verma Gulshan Kumar Verma                             49%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials, tools, hardware and steel products.

 

Import Countries: Europe, India and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 7 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                                UAE Dh 4,500,000                     UAE Dh 6,750,000

 

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

 

The above financial figures were confirmed by Mr Vishent Verma Gulshan Kumar Verma, Managing Director.

 

 

BANKERS

 

·       Union National Bank

Baniyas Street

PO Box : 6811

Dubai

Tel : (971-4) 2211188

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Established in 2004, subject is involved in the import and distribution of building materials, tools, hardware and steel products.

 

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.

 

 

NOTE

 

Please note that Mr Vishent Verma Gulshan Kumar Verma, Managing Director refused to divulge the link between ESS PEE International Corporation and the subject stating he would only comment on the Dubai operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.27

UK Pound

1

Rs.86.28

Euro

1

Rs.68.24

 

 

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.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions