MIRA
INFORM REPORT
|
Report Date : |
11.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BELGRAVIA OVERSEAS LIMITED |
|
|
|
|
Registered Office : |
Jebel Ali Free Zone, Roundabout 7, Mod 328, PO Box 61216, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
19.07.1995 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Import and Distribution of Basic Steel Products, Cement
and Gypsum, Industrial Plant Equipment and Spare Parts, Construction
Equipment and Machinery, Power Generation, Transmission and Distribution
Equipment. |
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 : |
Branch of Foreign Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : BELGRAVIA OVERSEAS LIMITED
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 19th July 1995
Trade Licence Number : 1092
Membership Number : 34734
Total Workforce : 4
Line of Business : Import and distribution of basic steel products, cement and
gypsum, industrial plant equipment and spare parts,
construction equipment and machinery, power generation,
transmission and distribution equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BELGRAVIA OVERSEAS LIMITED
ADDRESS
Registered & Physical Address
Location : Jebel Ali
Free Zone, Roundabout 7, Mod 328
PO Box : 61216
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8837870
Facsimile : (971-4)
8838536
Email : belgravi@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Atul Ajmera Indian Managing
Director
LEGAL FORM & OWNERS
Date of
Establishment : 19th
July 1995
Legal Form : Subject is the
United Arab Emirates registered branch of Belgravia Overseas
Limited, a Limited
Liability Company incorporated in the British Virgin Islands.
Belgravia Overseas Limited in the United Arab Emirates, operates as a Branch
of
a Foreign Registered Corporation.
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. : 1092 (Expires on 14/08/2008)
Membership No. : 34734
Issued Capital : UAE Dh 185,000
Paid up Capital : UAE Dh 185,000
LINE OF BUSINESS
Operations: Engaged in the import and distribution of basic steel products, cement
and gypsum,
industrial plant equipment and spare parts,
construction equipment and machinery, power generation, transmission and
distribution equipment.
Import Countries: Japan, India, and the United States of America.
Operating Trend: Steady
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 9,350,000 UAE Dh
10,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box : 749
Dubai
Tel : (971-4) 2522100
Fax : (971-4) 2524942
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
Maximum suggested credit figure: US$ 150,000
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%)