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Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MEGA STAR TRADING CO LLC |
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Registered Office : |
Dubai Investment Park No. 2 PO Box 6512
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.09.1987 |
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Legal Form : |
Limited Liability Company - LLC |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
UAE - 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 : 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
MEGA STAR TRADING CO LLC
Location : Dubai Investment Park No. 2
PO Box : 6512
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8990000
/ 3332211
Facsimile : (971-4)
8990099 / 3332667
Email : mega@emirates.net.ae
/ megastar@darvesh.com / vamshi.admin@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.
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
· Ras Al Khor
Industrial Area Sales
Office & Warehouse
Al Aweer
Dubai
Tel: (971-4) 8990180
Fax: (971-4)
3332027
Name Nationality Position
· Hassan Miya
Sulaiman Darvesh Indian Managing
Director
· Taleb Miya Darvesh Indian Director
· Majeeb Habib
Jaffar Ali Emirati Director
· Maymouna Hassan Darvesh Indian Director
· Ihsan Hassan Miya Sulaiman Darvesh - General
Manager
· Rada Krishnan - Assistant
General Manager
· Vamshi Kumar - Administration
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 30/08/2013)
Chamber Member No. : 12501
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
· Majeeb Habib
Jaffar Ali 51%
· Hassan Miya
Sulaiman Darvesh ]
] 49%
· Maymouna Hassan Darvesh ]
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
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 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 41,300,000 UAE Dh
43,500,000
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 National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
Credit amount 26,000
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.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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.