MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELTA INTERNATIONAL BUILDING MATERIALS LLC |
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Registered Office : |
Ghanim Abdullah
Bin Saeed Building, 5th Floor, Flat No. 506, Salahuddin Road, Al Rigga,
PO Box 41599, 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 : |
25.05. 2003 |
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Com. Reg. No.: |
62759, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Building Materials, Tiles,
Flooring Materials, Paint,
Construction Chemicals and Workshop 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$ 425,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DELTA INTERNATIONAL BUILDING MATERIALS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th May 2003
Commercial Registration Number : 62759, Dubai
Trade Licence Number : 545364
Chamber Membership Number : 77966
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 13
Activities : Import and distribution of building materials, tiles, flooring materials, paint, construction chemicals and workshop equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 425,000
COMPANY NAME
DELTA INTERNATIONAL
BUILDING MATERIALS LLC
ADDRESS
Registered & Physical Address
Building : Ghanim Abdullah Bin Saeed
Building, 5th Floor, Flat No. 506
Street : Salahuddin Road
Area : Al Rigga
PO Box : 41599
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2728244
Facsimile : (971-4) 2728249
Email : dibm1200@eim.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Amarjit Singh Indian Managing Director
·
Ahmed Abdullah
Ibrahim Humaid Buhenad Al Mehairi Emirati Director
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Ravo
Sharma - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 25th
May 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62759, Dubai
Trade Licence No. : 545364
(Expires 24/05/2009)
Chamber Member No. : 77966
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ahmed Abdullah
Ibrahim Humaid Buhenad Al Mehairi 51%
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Amarjit Singh 49%
OPERATIONS
Activities: Engaged in the import and distribution of
building materials, tiles, pipe fittings, flooring materials, paint,
construction chemicals,
waterproofing materials, insulation materials and workshop equipment.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 13 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 7,750,000 UAE Dh 10,800,000
Local sources
consider subject’s financial condition to be Fair.
The
above financial figures were confirmed by Ravo Sharma, Financial Controller.
BANKERS
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Abu Dhabi
Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction July
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Established in
2003, subject is involved in the import and distribution of building materials,
tiles, pipe fittings, flooring materials, paint, construction chemicals,
waterproofing materials, insulation materials and workshop equipment.
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 and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.40 |
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UK Pound |
1 |
Rs.83.15 |
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Euro |
1 |
Rs.65.74 |
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%)