MIRA INFORM REPORT

 

 

Report Date :           

17.08.2011

 

IDENTIFICATION DETAILS

 

Name :

BLUE DEEBAJ CHEMICALS LLC

 

 

Registered Office :

Development Board Building, 7th Floor, Office No. 703, Banyas Road, Bur Dubai, P O Box 12874, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.12.2002

 

 

Com. Reg. No.:

68074, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of  chemical fertilisers

 

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$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : BLUE DEEBAJ CHEMICALS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 31st December 2002

Commercial Registration Number            : 68074, Dubai

Trade Licence Number                            : 540683

Chamber Membership Number                : 74228

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 13

Activities                                               : Distributors of chemical fertilisers.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Venod Gupinathan, Finance Manager

 

COMPANY NAME

 

BLUE DEEBAJ CHEMICALS LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Development Board Building, 7th Floor, Office No. 703

Street               : Banyas Road

Area                 : Bur Dubai

PO Box             : 12874

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2340414 / 2340481 / 2340482 / 2340483

Facsimile          : (971-4) 2340414

Email                : global_c@emirates.net.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

 

·       Abdul Gani Sarfaraz Yusuf Dhanani                   Indian                         Managing Director

 

·       Mohamed Yusuf Abdul Razzak Dhanani             Indian                         Director

 

·       Sulaiman Mohamed Khalifa Al Suwaidi              Emirati                        Director

 

·       Tareq Qudari                                            -                            General Manager

 

·       Venod Gupinathan                                                -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st December 2002

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 68074, Dubai

 

Trade Licence No.       : 540683 (Expires 28/12/2011)

 

Chamber Member No. : 74228

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                              Percentage

 

·       Sulaiman Mohamed Khalifa Al Suwaidi                             51%

 

·       Mohamed Yusuf Abdul Razzak Dhanani                           25%

 

·       Abdul Gani Sarfaraz Yusuf Dhanani                                 24%

 

 

AFFILIATED COMPANIES

 

·       Trans World Furti Chemicals Pvt Ltd

Mumbai

India

 

·       Blue Deebaj

PO Box: 2672751

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of chemical fertilisers.

 

Subject’s product range includes Potassium Chloride, Ammonium Sulphate, Calcium Ammonium Nitrate, Di Ammonium Phosphate, Single Super Phosphate, NPK (Granular).

 

Import Countries: Europe and the Far East

 

Export Countries: Saudi Arabia, Indonesia and Taiwan

 

Brand Names: DEEBAJ

 

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 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 342,000,000                  UAE Dh 370,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures were confirmed by Venod Gupinathan, Finance Manager

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

·       Habib Bank AG Zurich

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.

 

Date of transaction                              November 2006                        January 2008

Credit amount                                        169,000                         150,000

Amount overdue                         0                                              0

Payment terms                                      90 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Pounds Sterling                         US Dollars

 

 

 

GENERAL COMMENTS

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.25

UK Pound

1

Rs.73.88

Euro

1

Rs.65.06

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.