MIRA INFORM REPORT

 

 

Report Date :           

11.10.2011

 

IDENTIFICATION DETAILS

 

Name :

DETERGENT INDUSTRIAL & TRADING CO LTD (DITRA)

 

 

Registered Office :

Industrial Area No. 2, P O Box 5079, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.02.1983

 

 

Com. Reg. No.:

34, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of soap powder and liquid detergents, cleansers, bleaching  and cleaning agents, synthetic and inorganic acids, alkalines and anhydrides

 

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$ 2,000,000

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                                     : DETERGENT INDUSTRIAL & TRADING CO LTD (DITRA)

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company

Start Date                                             : 1977

Registration Date                                   : 1st February 1983

Commercial Registration Number            : 34, Sharjah

Trade Licence Number                            : 319

Chamber Membership Number                : 2967

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 280

Activities                                               : Manufacture of soap powder and liquid detergents, cleansers,

bleaching  and cleaning agents, synthetic and inorganic acids, alkalines and anhydrides

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Imran Jaffari, Finance Manager

 

COMPANY NAME

 

DETERGENT INDUSTRIAL & TRADING CO LTD (DITRA)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Area No. 2

PO Box             : 5079

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5336145 / 5339595

Facsimile          : (971-6) 5339050

Email                : ditra@emirates.net.ae / ahmed@ditra.ae

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sheikh Ahmed Bin Mohamed Sultan Al Qassimi                                  Managing Director

 

·       Sheikh Salem Bin Mohamed Sultan Al Qassimi                                   Director

 

·       Nicolas Lawrence                                                                              General Manager

 

·       Yasser Al Hassan                                                                             Marketing Manager

 

·       Ashraf Najm                                                                                      Administration Manager

 

·       Radha Krishnan                                                                                Production Manager

 

·       Imran Jaffari                                                                                      Finance Manager

 

·       Mark Kenaghan                                                                                 Sales Manager

 

·       Sirinad Panarjee                                                                                Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1977, however it was registered on 1st February 1983

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 34, Sharjah

 

Trade Licence No.       : 319 (Expires 01/02/2012)

 

Chamber Member No. : 2967

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

Name of Shareholder (s)

 

·       Sheikh Ahmed Bin Mohamed Sultan Al Qassimi

 

·       Sheikh Salem Bin Mohamed Sultan Al Qassimi

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Batha Group of Companies, which includes the following concerns:

 

·       l Batha Trading & Industrial Co

PO Box: 1145

Sharjah

Tel: (971-6) 5354378

 

·       Al Oufouk Co

Geco Building, Flat No. 16

Al Arooba Street

PO Box: 2097

Sharjah

Tel: (971-6) 5373488

Fax: (971-6) 5362545

 

·       Modern Pharmaceutical Co

Al Garhoud Road

Al Garhoud

PO Box: 1586

Dubai

Tel: (971-4) 2824144

Fax: (971-4) 2246011

 

·       Sitra

PO Box: 5079

     Sharjah

     Tel: (971-6) 5339595

     Fax: (971-6) 5339050

     Email: sitra@emirates.net.ae

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of soap powder and liquid detergents, cleansers, bleaching and cleaning

     agents, synthetic and inorganic acids, alkalines and anhydrides.

 

The manufacturing plant was built by the Ballestra Group of Milan, Italy and it is ISO 9002 certified.

 

Production Capacity:   Subject can manufacture over 5 tonnes per hour of high and low foam synthetic detergent spray dried powder.

 

Import Countries: United States of America, United Kingdom, Italy and Germany

 

Brand Names:  ZAHRA - Washing Powder

TAJ       - Detergent

TOUCH - Detergent powder

IRIS      - Soap

 

Operating Trend: Steady

 

Subject has a workforce of approximately 280 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 147,500,000                  UAE Dh 154,000,000

 

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

 

The above figures were provided by Mr Imran Jaffari, Finance Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Al Arooba Street

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Detergent Industrial & Trading Co Ltd (DITRA) has operations dating back to 1977 and is well established in the local business community enjoying a good reputation for the quality of its products. It is engaged in the manufacture of soap powder and liquid detergents under the brand names of “Zahra” and “Taj”, both of which command a good market share and are well known in the United Arab Emirates.

 

The company is owned by Sheikh Ahmed Bin Mohamed Sultan Al Qassimi and Sheikh Salem Bin Mohamed Sultan Al Qassimi who are wealthy and respected Emirati businessmen.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.07

UK Pound

1

Rs.76.65

Euro

1

Rs.66.17

 

 

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.