|
Report Date : |
02.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DANUBE BUILDING
MATERIALS FZCO |
|
|
|
|
Registered Office : |
Plot No. EWTA 105,
Warehouse S10834, Sheikh Zayed Road, Roundabout No. 5/6, Jebel Ali Free Zone,
18022 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.07.2003 |
|
|
|
|
Com. Reg. No.: |
137 |
|
|
|
|
Legal Form : |
Free Zone Company – FZCO |
|
|
|
|
Line of Business : |
Distributors of
building materials and construction equipment |
|
|
|
|
No. of Employees : |
180 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source : CIA |
Company Name : DANUBE BUILDING MATERIALS FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 13th
July 2003
Commercial Registration
Number : 137
Trade Licence
Number : 2914
Chamber Membership
Number : 79246
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 180
Activities :
Distributors of building materials and construction equipment
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sunder
Keitani, Finance Manager
DANUBE BUILDING
MATERIALS FZCO
Location : Plot No. EWTA 105, Warehouse
S10834
Street : Sheikh Zayed Road, Roundabout
No. 5/6
Area : Jebel Ali Free Zone
PO Box : 18022
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8871234 / 8872800 / 8085599 /
3073104
Facsimile : (971-4) 8871235 / 8872225 / 8816409
/ 3073150
Email : info@aldanube.com / reception@aldanube.com / sales@aldanubee.com
Subject operates
from a suite of offices and a warehouse covering an area of 225,000 square
metres that are rented and located in the Jebel Ali Free Zone.
Name Nationality Position
·
Sajan
Rizwan Askar Ali Indian Managing
Director
·
Anis
Askar Ali Sajan Indian Director
·
Tamim Hussian - General
Manager
·
Ansari
Tamim Ansari - Commercial
Manager
·
Sunder
Keitani - Finance
Manager
Date of Establishment : 13th
July 2003
Legal Form :
Free Zone Company – FZCO
Commercial
Reg. No. : 137
Trade Licence No. : 2914
Chamber Member No. : 79246
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Sajan
Rizwan Askar Ali 50%
·
Anis
Askar Ali Sajan 50%
Subject is a member of the Danube Group of companies, which includes the
following concerns:
·
Al Danube
Building Materials Trading Co LLC
Rashid Abdullah Al Reshaidan Building
Al Rigga Street
Al Muraqqabat
PO Box: 50804
Dubai
Tel: (971-4) 2256512 / 2256514
Fax: (971-4) 2255412
Email: aldanube@emirates.net.ae
·
Danube
Dekor FZCO
Sheikh Zayed Road
Jebel Ali Free Zone
PO Box: 18022
Dubai
Tel: (971-4) 8871234
Fax: (971-4) 8871235
·
Danube Ceiling Factory LLC
Sharjah
·
Arabian Gulf Wood Industries LLC
Sharjah
·
Al Bustan General Trading FZCO
Dubai
Activities: Engaged in the import and distribution of building materials and construction equipment, such as tools and hardware, sanitary ware, marble and granite, plywood, redwood, whitewood, merranti, teak, and MDF boards. Subject’s product range consists of 15,000 items.
Danube has supplied products for prestigious projects including Emaar projects such as Emirates Hills, the Burj Al Arab, Shangrila Hotel, Grand Hyatt, and a private palace in Muscat
Import
Countries: Europe, China
and the Far East.
Operating Trend: Steady
Subject has a
workforce of 180 employees. The Danube Group employs approximately 350 people.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE Dh
335,000,000 UAE Dh
350,000,000
Local sources
consider subject’s financial condition to be Good.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
·
The
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
·
United
Arab Bank
Jebel Ali Free Zone
PO Box: 16823
Jebel Ali
Tel: (971-4) 8816445
Fax: (971-4) 8816845
Acc No. 282 7600 81016
No complaints
regarding subject’s payments have been reported.
Danube Building
Materials FZCO was registered in July 2003 and is a leading supplier of
building materials and construction equipment, such as tools and hardware, sanitary
ware, marble and granite, plywood, redwood, whitewood, merranti, teak, and MDF
boards.
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.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.