MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
DESERT TURFCARE GARDENS MAINTENANCE LLC |
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Registered Office : |
Saeed Khalfan
Alghaith Building, Sheikh Zayed Road, Al Quoz Industrial Area, No. 3, PO Box 37579 & 15572, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.08. 2004 |
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Com. Reg. No.: |
69486, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of chemicals and fertilisers,
plant feed, pesticides, garden equipment, seeds, agricultural equipment and
machinery. Subject also undertakes
landscaping works |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DESERT TURFCARE GARDENS MAINTENANCE LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 23rd August 2004
Commercial Registration Number : 69486, Dubai
Trade Licence Number : 560598
Chamber Membership Number : 90319
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 30
Activities : Import and distribution of chemicals and fertilisers, plant feed, pesticides, garden equipment, seeds, agricultural equipment and machinery. Subject also undertakes landscaping works.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
DESERT TURFCARE
GARDENS MAINTENANCE LLC
ADDRESS
Registered & Physical Address
Building : Saeed Khalfan Alghaith Building
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area, No.
3
PO Box : 37579 & 15572
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3404440
Facsimile : (971-4) 3404441
Email : turfcare@desertgroup.ae
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Julian Patrick
Lee British Managing
Director
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Saeed Khalfan
Al Ghaith Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 23rd
August 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 69486, Dubai
Trade Licence No. : 560598
(Expires 17/08/2008)
Chamber Member No. : 90319
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
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Saeed Khalfan
Al Ghaith 34%
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Emirates
Investment & Development PJC 33%
Dubai
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Julian Patrick
Lee 33%
OPERATIONS
Activities: Engaged in the import and distribution of
chemicals and fertilisers, plant feed, agricultural and veterinary pesticides,
garden equipment, seeds, agricultural equipment and machinery.
Subject also undertakes landscaping works.
Import Countries: United Kingdom, United States of America
and India
Operating Trend: Steady
Subject has a
workforce of 30 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
15,200,000 UAE Dh
17,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank Ltd
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.
GENERAL COMMENTS
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
within subject’s financial means.
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%)