MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLASTRITE GULF |
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Registered Office : |
Sheikh Zayed
Road, Leased Office Building 3, Office No. 26, Jebel Ali Free Zone, PO Box
17373, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
30.03. 2003 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and Distribution of granular abrasives, sandblasting
abrasive grains and commercial and industrial sandblasting |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 40,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BLASTRITE GULF
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 30th March 2003
Trade Licence Number : 1065
Chamber Membership Number : 76328
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
Total Workforce : 5
Activities : Import and distribution of granular abrasives, sandblasting abrasive grains and commercial and industrial sandblasting
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 40,000
COMPANY NAME
BLASTRITE GULF
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road, Leased
Office Building 3, Office No. 26
Area : Jebel Ali Free Zone
PO Box : 17373
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8817850
Facsimile : (971-4) 8817851
Email : brgulf@emirates.net.ae
Premises
Subject operates from
a small suite of offices that are rented and located in the Jebel Ali Free
Zone.
KEY PRINCIPALS
Name Position
·
Muralee
Durhan General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 30th
March 2003
Legal Form :
Subject is the United Arab
Emirates registered branch of Delta Mechanical Inc, a Limited
Liability Company incorporated in the
British Virgin Islands.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the British Virgin Islands.
Trade Licence No. : 1065
(Expires 29/03/2009)
Chamber Member No. : 76328
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
OPERATIONS
Activities: Engaged in the import and distribution of
granular abrasives, sandblasting abrasive grains and commercial
and industrial sandblasting.
Import
Countries: Europe and the
United States of America
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
Mr Muralee Durhan refused to divulge any financial information.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
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.
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%)