MIRA INFORM REPORT
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Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
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Name : |
MEGA STAR TRADING CO LLC |
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Registered Office : |
Dubai Investment Park No. 2, P O Box 6512, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.09.1987 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale, distribution and retail of timber products |
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No. of Employees
: |
65 |
RATING & COMMENTS
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MIRA’s 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 : |
US$ 400,000 |
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Status : |
Satisfactory |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
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 |
SUMMARY
Company Name : MEGA STAR TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st September 1987
Trade Licence Number : 215477
Chamber Membership Number : 12501
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 65
Activities : Wholesale, distribution and retail of timber products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
MEGA STAR TRADING CO LLC
company ADDRESS
Registered &
Physical Address
Location : Dubai Investment Park No. 2
PO Box : 6512
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8990000
Facsimile : (971-4) 8990099
Email : mega@emirates.net.ae / megastar@darvesh.com
Please note that
subject’s previous address was, Mohamed Bin Ali Alamr Building, Ras Al Khor
Road, Al Aweer Industrial Area, Dubai. Subject moved to the above address in
October 2011.
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are owned and located
in the Industrial Area of Dubai.
Branch Office (s)
Location Description
·
PO Box:
29206 Sales
Office & Warehouse
Abu Dhabi
Tel: (971-2) 5545060
Fax: (971-2) 5540747
KEY PRINCIPALS
Name Nationality Position
·
Hassan Miya
Sulaiman Darvesh Indian Managing
Director
·
Taleb
Miya Darvesh Indian Director
·
Majeeb
Habib Emirati Director
·
Ihsan Hassan Miya Sulaiman Darvesh - General
Manager
·
Rada Krishnan - Assistant
General Manager
·
Ashish
Desai - Finance
Manager
·
Venod Nair - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
September 1987
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 215477
(Expires 30/08/2012)
Chamber Member No. : 12501
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Majeeb
Habib 51%
·
Hassan
Miya Sulaiman Darvesh ]
] 49%
·
Taleb
Miya Darvesh ]
AFFILIATED COMPANIES
Subject is a member of the Darvesh Group of Companies, which has
extensive and varied operations throughout the Middle East, Far East and
Africa. The group is currently planning to extend operations to Myanmar and
other CIS countries. The combined annual turnover of the group is in excess of
US$ 100 million.
The Darvesh Group of Companies consists of the following concerns:
·
Abou
Nabil LLC (ANETCO)
PO Box: 174
Muttrah 114
Oman
Tel: (968) 24593249
Fax: (968) 24595278
Email: anetco@omantel.net.om
·
Nova
Tapes & Stationery Industries LLC
Al Aweer Industrial Area
PO Box: 2194
Dubai
United Arab Emirates
Tel: (971-4) 3337600
Fax: (971-4) 3337411
Email: novaind@emirates.net.ae
·
Elegant
Furniture Manufacturing LLC
PO Box: 2194
Dubai
United Arab Emirates
Tel: (971-4) 3337667
Fax: (971-4) 3337186
Email: efm@emirates.net.ae
·
Nova
Home Appliances
PO Box: 2194
Dubai
United Arab Emirates
Tel: (971-4) 3337600
Fax: (971-4) 3337411
·
Batavia
Eximp & Contracting (S) Pte Ltd (BECS)
Maxwell Road
PO Box: 3544
Singapore 9055
Tel: (65) 2255633
Fax: (65) 2255733
·
Associate
Lumbers Ltd
Associate House
85 Victoria Road
Mustafa Bazzar
Mumbai 400010
India
Tel: (91-22) 3717777
Fax: (91-22) 3738787
·
West
African Trading Co (WATCO)
32 Boulevard Latrille
PO Box: 833
Abid
Ivory Coast
Tel: (225) 448859
·
General
Trading & Contracting Co Ltd (GETCO)
42 Azadliq Prospect, Apt 18
Baku 370007
Azerbaijan
Tel: (994-12) 964209
Fax: (994-12) 964209
·
Technova
Industries LLC
PO Box: 2194
Dubai
Tel: (971-4) 8850264
Fax: (971-4) 8850335
·
Fire
and Safety Industries Pvt Ltd
Delhi
India
Tel: (91-124) 4873786
OPERATIONS
Activities: Engaged in the wholesale, distribution and
retail of timber products, including plywood, block boards, red meranti, red
wood, white wood, Burma teak, flexel sheets, and chip board, as well as general
building and construction materials and chemicals.
Import
Countries: South Africa,
India, Taiwan, France, Italy, United Kingdom and the United States of America
International
Suppliers:
·
P.G.
Bison South Africa
·
Grasim
Industries India
·
Triplie
Lite Taiwan
·
Fontex France
·
Onduline France
·
Vernisi
Milesi Italy
Operating Trend: Steady
Subject has a
workforce of 65 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
38,200,000 UAE Dh
39,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Bank of
Baroda
Deira Branch
PO Box: 5107
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
·
Emirates
Bank International Ltd
Al Nasr Square
PO Box: 2923
Dubai
Tel: (971-4) 2281181
·
National
Bank of Dubai (NBD)
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
2005
Credit amount 26,000
Amount overdue 0
Payment terms 150
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Mega Star Trading
Co LLC was incorporated in 1987 and specialises in the distribution of timber
products as well as general building materials. The company enjoys an excellent
reputation for the quality of its products, dealing with many well known
international suppliers.
Subject is a member
of the Darvesh Group of Companies, which has extensive and varied operations
throughout the Middle East, Far East and Africa.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.29 |
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UK Pound |
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.