MIRA INFORM REPORT

 

 

Report Date :

11.04.2012

 

IDENTIFICATION DETAILS

 

Name :

OVERSEAS DISTRIBUTION SERVICES INC

 

 

Registered Office :

Plot No. S 10604 Sheikh Zayed Road Jebel Ali Free Zone PO Box  17224 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

12.07.2007

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Manufacturers of barbed wire, chains, PVC covered wire, fasteners and other metal fencing components.

 

 

No. of Employees :

35

 

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 :

Branch of a Foreign Registered Corporation

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

UAE

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                                     : OVERSEAS DISTRIBUTION SERVICES INC

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 12th July 2007

Trade Licence Number                            : 7310

Chamber Membership Number                : 121456

Issued Capital                                        : UAE Dh 183,000

Paid up Capital                                      : UAE Dh 183,000

Total Workforce                                     : 35

Activities                                               : Manufacturers of barbed wire, chains, PVC covered wire, fasteners and

                                                              other metal fencing components.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

Person Interviewed                                 : Cham Daz, Finance Manager

 

 

 

COMPANY NAME

 

OVERSEAS DISTRIBUTION SERVICES INC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Plot No. S 10604

Street               : Sheikh Zayed Road

Area                 : Jebel Ali Free Zone

 

PO Box             : 17224

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8861500

Facsimile          : (971-4) 8861700

Mobile               : (971-50) 2106064

Email                : odsi@eim.ae / sales@overseasdxb.net

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Chandan Banarjee                                            Indian                         Managing Director

 

·       Kesab Raj                                                           -                            General Manager

 

·       Ajit Sen                                                               -                            Production Manager

 

·       Bartho Banarjee                                               Indian                         Operations Manager 

 

·       Cham Daz                                                           -                            Finance Manager

 

·       Kesheve Raj                                                        -                            Sales Manager

 

·       Khalil Thambe                                                      -                            Financial Controller

 

·       Arjit Singh                                                           -                            Production Manager      

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th July 2007

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Overseas Distribution Services Inc,  a Limited Liability Company incorporated in the British Virgin Islands.

 

  Overseas Distribution Services Inc in the United Arab Emirates, operates as a Branch of a  Foreign Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own

  right. Responsibility for payments lays in the hands of the company where it is

  originally registered.

 

  Under these circumstances, we strongly advise that any international trade

  credit should only be written under the name of the main company where the

  subject holds its registered office, in this case the British Virgin Islands.

 

Trade Licence No.       : 7310

 

Chamber Member No. : 121456

 

Issued Capital              : UAE Dh 183,000

 

Paid up Capital            : UAE Dh 183,000

 

 

AFFILIATED COMPANIES

 

·       Overseas International Steel Industry

Muscat

Oman

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of barbed wire, chains, PVC covered wire, fasteners and other metal

     fencing components.

 

                 Subject is ISO 9001 accredited.

 

Production Capacity: 10,000 MT per month

 

Clients:

 

·       Ascon

·       JT Metro

·       Etisalat

·       Nakheel PJSC

·       Dutco Balfour Beatty LLC

·       Meydan

·       Emirates Electrical Engineering

·       Duko Technical Service

·       Al Rostamani Pagel LLC

·       National Piling

·       Awtad PJSC

·       Tara Building Material Construction Co LLC

·       Larsen & Turbo

·       Dodsal Engineering

·       Arabian Industries LLC

·       Gulfar Engineering & Contracting SAOG

·       Special Technical Services LLC

·       Towell Al Zara Engineering Services Co LLC

·       Gulf Petrochemical Services

·       Dohat Al Khaleej

·       Al Ghorairi & Partners WLL

·       National Engineering & Construction Co WLL

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 45,000,000                   UAE Dh 47,150,000

 

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

 

The above figures were provided by Mr Cham Daz, Finance Manager

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.51.20

UK Pound

1

Rs.81.50

Euro

1

Rs.67.15

 

 

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.