MIRA INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
BUOY SAIL TRADING EST |
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Registered Office : |
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Country : |
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Date of Incorporation : |
04.08.1977 |
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Com. Reg. No.: |
219055 |
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Legal Form : |
Proprietorship Concern |
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Line of Business : |
importers and distributors of scrap ships and steel scrap |
RATING & COMMENTS
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MIRAs 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 : |
Dh 3,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
BUOY
SAIL TRADING EST (Correct)
Buoy Chartering & Trading Ltd (Requested)
company ADDRESS
Building :
Street :
P.O. Box : 25714
Town :
Sharjah
Country :
Telephone : (971 6) 553 9131 / Mobile (971 50)
632 9546 (Sanjiv Khanna)
Fax :
(971 6) 559 9608
E-Mail : buoy@emirates.net.ae
SENIOR COMPANY PERSONNEL
Name Position
1. Sanjiv.
Khanna Managing Director
(Indian national)
2. Navin
Sami Financial Manager
3. Thomas
Baby Export Manager
Total Employees :
25
PAYMENTS
No complaints
have been heard regarding payments from local suppliers or banks.
We consider it is
acceptable to deal with subject for LARGE amounts.
Opinion on
maximum credit : Dh 3,000,000
Trade risk
assessment :
PRINCIPAL BANKERS
NAME :
STANDARD CHARTERED BANK
Branch :
PO Box :
5
Town :
Sharjah
Telephone : (971 6) 535 7788
Fax :
(971 6) 554 3604
FINANCIAL INFORMATION
Private companies
in
or disclose
balance sheets. However, the subject interviewed offered
the following
information :
Sales
Turnover : Dh 26,000,000 - 2003 - exact
: Dh 50,000,000 - 2004 - exact
: Dh 63,000,000 - 2005 - exact
: Dh
285,000,000 - 2006 - exact *
: Dh
200,000,000 - 2007 - exact
: Dh
320,000,000 - 2008 exact
: Dh
300,000,000 2009 exact
: Dh
320,000,000 2010 exact
: Dh
350,000,000 2011 - projected
Net Profit : not given, but stated to be 5%-10%
of sales
turnover
* Sharp increase
in sales turnover in 2007 was attributed to
favourable market
conditions.
Financial year
ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 4
August 1997
C.R. No. : 219055
(expiry date : 4 August 2011)
Chamber of
Commerce Membership No. : 40312
Capital : not
applicable
Proprietorship (Foreign
Establishment)* owned by Sanjiv Khanna
(Indian
national).
Subject's local
agent is Salim Bin Holy (UAE national).
* Foreign
establishments are owned by an expatriate who wishes to
establish a
commercial activity in the Emirate of Abu
Dhabi and must
have an agreement
with a UAE citizen (National Agent or sponsor), who
may be an
individual, establishment or 100% National Company.
Affiliated
companies of Buoy Sail Trading Est :
Associates
Buoy Chartering
and Trading Ltd
St Vincent Trust Service
Ltd
Trust House
St. Vincent &
The
Telephone: (1
784) 457 1961
Fax : (1 784) 457 1027
(offshore
company, incorporated 21 May 1997, C.R. No 415 IBC 1997)
ACTIVITIES
The Company is
involved in the following activities :
Trading as
importers and distributors of scrap ships and steel
scrap.
Subject also
engages in ship management.
Imports from
Exports to
FACILITIES
The Company has the
following facilities :
Rented offices
and warehousing facilities located at the
heading address
as well as representative offices in
and
SPECIAL NOTE
You enquired on: Buoy Chartering & Trading
Ltd. Please note that the
correct name is as per heading.
Interviewed :
Thomas Baby (Export Manager)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.24 |
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1 |
Rs.72.57 |
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Euro |
1 |
Rs.63.00 |
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 |
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 |
This score serves as a reference to assess SCs 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.