MIRA INFORM REPORT

 

 

Report Date :

23.07.2011

 

IDENTIFICATION DETAILS

 

Name :

SHALIMAR INTERNATIONAL (L.L.C)

 

 

Registered Office :

Dubai Towers, Office No. 704  Nasr Square Deira P.O.Box No.: 56328 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

20.01.2003

 

 

Com. Reg. No.:

61555

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers and distributors of bio-fertilisers and herbal pesticides.

 

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 :

Dh 400,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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

 

Company name 

 

 Shalimar International (L.L.C) (Correct)

 SHALIMAR INTERNATIONAL LLC (Requested)

 

 

ADDRESS

 

Building   : Dubai Towers, Office No. 704 

 

Street     : Nasr Square

 

Area       : Deira

 

P.O.Box No.: 56328

Town       : Dubai

Country    : United Arab Emirates

 

Telephone  : (971 4) 223 9474 / Mobile (971 50) 657 1467 / 295 5900

Fax        : (971 4) 229 3471 / 885 8067

E-Mail     : biotech@eim.ae / mail@shalimarherbals.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                                                                Position

 

Chankarto Potnefittel Ramachandran                    Managing Director

 

Total Employees : 15 (subject)

                  90 (subject and affiliates)

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts,

 

Opinion on maximum credit : Dh 400,000

 

 Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : COMMERCIAL BANK OF DUBAI (CBD)

 

Branch   : Deira Branch

Street   : Beniyas Street

PO Box   : 1709

Town     : Dubai

 

Telephone: (971 4) 225 3222

Fax      : (971 4) 222 0943 / 227 3707 / 225 4565

 

 The company also has an account with the following banks:

 

1. Standard Chartered Bank

   Al Mankhool Street

   PO Box 999

   Dubai

   Telephone: (971 4) 352 0455

   Fax      : (971 4) 352 6679

 

2. Investbank

   Al Maktoum Street

   PO Box 12955

   Dubai

   Telephone: (971 4) 228 5551

   Fax      : (971 4) 222 0818

 

3. Emirates NBD Bank (fmly Emirates Bank International)

   Dubai Main Branch

   Baniyas Road

   PO Box 2923

   Dubai

   Telephone: (971 4) 225 6900

   Fax      : (971 4) 226 7718

 

4. Abu Dhabi Commercial Bank (ADCB)

   Al Riga Road

   PO Box 5550

   Dubai

   Telephone: (971 4) 222 8141

   Fax      : (971 4) 227 9632

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover            : Dh 15,000,000 - 2008 - exact

                          : Dh 18,000,000 - 2009 – exact

                          : Dh 19,000,000 – 2010 – exact

                          : Dh 10,800,000 – 2011 – approx *

                          : Dh 24,000,000 – 2011 - projected

 

Net profit                : Dh  4,000,000 - 2008 - exact

                          : Dh  6,000,000 - 2009 – exact

                          : Dh  5,700,000 – 2010 – approx

                          : Dh  8,000,000 – 2011 - projected

 

* 6 months results (January - June).

 

Financial year ends 31 December. 

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 20 January 2003

 

C.R. No. : 61555

 

DCCI Membership No.: 74710 (issue date: 20/01/2003)

 

Trade License No.: 541400 (expiry date: 19/01/2012)

 

Authorised Capital : Dh 300,000

 

Paid-Up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                                                Percentage

 

1. Chankarto Potnefittel Ramachandran                           25%

   (Indian national / Date of Birth: 15/04/1944)

 

2. Rajendra Rudra Patel                                                  24%

   (Indian national / Date of Birth: 18/03/1955)

 

3. Sheikh Sultan Bin Khaled Bin Sultan Al Qassimi          51%

   (UAE national / member of the Sharjah ruling family)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.                               

 

Affiliated companies of the subject company :

 

Associates

 

1.  Shalimar Biotech Industries (L.L.C)

    P.O. Box 56328

    Dubai

    Est: 17/11/2009

    Trade License No.: 631584

 

2.  Shalimar Herbals

    P.O. Box 56328

    Dubai

    Telephone: (971 4) 223 9474

    Fax      : (971 4) 223 9471

    Est: 28/05/2001

    Trade License No.: 526707

 

3.  Shalimar International Abu Dhabi

    Abu Dhabi

 

4.  Shalimar Bio-Mineral Water

    Dubai Internet City

 

5.  Diamond Auto Industries

    Dubai Internet City

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and distributors of bio-fertilisers and herbal pesticides.

 

Imports from India, Pakistan, Germany and Russia.

 

Subject only sells locally and does not engage in re-export business.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented administrative offices and storage facilities located at the heading address as well as warehousing facilities located in Dubai Investment Park, Dubai.  

 

SPECIAL NOTE

 

Interviewed: Chankarto Potnefittel Ramachandran (Managing Director)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.37

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

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.