MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR MIDDLE |
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Registered Office : |
Hamriyah
Free Zone, Plot No. 2F/34, Leased |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
22.10.2002 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and Export of Refrigeration
Equipment and Medical Equipment |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BLUE
STAR MIDDLE
Country of Origin :
Legal Form : Free Zone Company - FZCO
Registration Date : 22nd October 2002
Trade Licence Number : 382
Chamber Membership Number : 800180
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 2
Activities : Import and export of refrigeration equipment and medical equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
Person Interviewed : H. P. Dudadani, Managing Director
COMPANY NAME
BLUE
STAR MIDDLE
ADDRESS
Registered & Physical Address
Location : Hamriyah
Free Zone, Plot No. 2F/34, Leased
PO Box : 41727
Town : Sharjah
Country :
Telephone : (971-6) 5263405
Facsimile : (971-6) 5263405
Email : hdudani@bluestarindia.com
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the Hamriyah Free Zone.
Branch Office
(s)
Location Description
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Bur
Tel: (971-4) 3553561
Fax: (971-4) 3553562
KEY PRINCIPALS
Name Position
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H. P. Dudadani Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 22nd
October 2002
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 382, Hamriyah Free Zone
Chamber Member No. : 800180
Issued Capital : UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Name of Shareholder (s)
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Blue Star Limited
Mumbai 400 020
Tel: (91-22) 66654000
AFFILIATED COMPANIES
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Blue
Star
OPERATIONS
Activities: Engaged in the
import and export of refrigeration equipment and medical equipment.
Import
Countries:
Brand Names: BLUE STAR
Operating Trend: Steady
Subject has a
workforce of 2 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
65,800,000 UAE Dh
73,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by H. P. Dudadani, Managing
Director.
BANKERS
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HSBC
Bank
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
Swift Code: BBMEAEADSHJ
Acc No. 021727 100
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Mashreq
Bank Plc
Foreign Trade Centre
PO Box : 9271
Sharjah
Tel : (971-6) 5351366 / 5354873
Fax : (971-6) 5372903
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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1 |
Rs.75.45 |
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Euro |
1 |
Rs.64.21 |
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%)