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Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
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Name : |
MEGA STAR TRADING CO LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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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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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : MEGA STAR TRADING CO LLC
Country of Origin :
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
MEGA STAR TRADING
CO LLC
Registered &
Physical Address
Location :
PO Box : 6512
Town :
Country :
Telephone : (971-4) 8990000
Facsimile : (971-4) 8990099
Email : mega@emirates.net.ae / megastar@darvesh.com
Please note that
subject’s previous address was,
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
Tel: (971-2) 5545060
Fax: (971-2) 5540747
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
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 ]
Subject is a member of the Darvesh Group of Companies, which has
extensive and varied operations throughout the Middle East, Far East and
The Darvesh Group of Companies consists of the following concerns:
·
Abou
Nabil LLC (ANETCO)
PO Box: 174
Muttrah 114
Tel: (968) 24593249
Fax: (968) 24595278
Email: anetco@omantel.net.om
·
Nova
Tapes & Stationery Industries LLC
Al Aweer Industrial Area
PO Box: 2194
Tel: (971-4) 3337600
Fax: (971-4) 3337411
Email: novaind@emirates.net.ae
·
Elegant
Furniture Manufacturing LLC
PO Box: 2194
Tel: (971-4) 3337667
Fax: (971-4) 3337186
Email: efm@emirates.net.ae
·
Nova
Home Appliances
PO Box: 2194
Tel: (971-4) 3337600
Fax: (971-4) 3337411
·
PO Box: 3544
Tel: (65) 2255633
Fax: (65) 2255733
·
Associate
Lumbers Ltd
Associate House
Mustafa Bazzar
Mumbai 400010
Tel: (91-22) 3717777
Fax: (91-22) 3738787
·
West
African Trading Co (WATCO)
32 Boulevard Latrille
PO Box: 833
Abid
Tel: (225) 448859
·
General
Trading & Contracting Co Ltd (GETCO)
42 Azadliq Prospect, Apt 18
Tel: (994-12) 964209
Fax: (994-12) 964209
·
Technova
Industries LLC
PO Box: 2194
Tel: (971-4) 8850264
Fax: (971-4) 8850335
·
Fire
and Safety Industries Pvt Ltd
Tel: (91-124) 4873786
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
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
39,750,000 UAE Dh
41,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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
No complaints regarding
subject’s payments have been reported.
Amount overdue 0
Payment terms 150
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.55.26 |
|
UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
---- |
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.