MIRA
INFORM REPORT
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Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
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Name : |
DELTA
INTERNATIONAL BUILDING MATERIALS LLC |
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Registered Office : |
Al Manara Tower,
17th Floor, Unit No. 1710, Business Bay, P O Box 41599, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
25.05.2003 |
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Com. Reg. No.: |
62759, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import
and distribution of corrosion protection systems, industrial heat tracing
systems, building materials, tiles, pipe fittings, flooring materials, paint,
construction chemicals, waterproofing materials, insulation materials and
workshop equipment. |
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No of Employees : |
07 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 country
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. 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.
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Source
: CIA |
SUMMARY
Company Name : DELTA INTERNATIONAL BUILDING MATERIALS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th May 2003
Commercial Registration Number : 62759, Dubai
Trade Licence Number : 545364
Chamber Membership Number : 77966
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Import and distribution of building materials, tiles, flooring materials,
paint, construction chemicals and workshop equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Amarjit Singh, Managing Director
COMPANY NAME
DELTA INTERNATIONAL
BUILDING MATERIALS LLC
company ADDRESS
Registered &
Physical Address
Building : Al Manara Tower, 17th
Floor, Unit No. 1710
Area : Business Bay
PO Box : 41599
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4205910
Facsimile : (971-4) 4201530
Mobile : (971-50) 6458560
Email : dibm1200@eim.ae / delta120@eim.ae
Please note that
subject’s previous address was, Ghanim Abdullah Bin Saeed Building, 5th
Floor, Flat No. 506, Salahuddin Road, Al Rigga, Dubai.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Amarjit
Singh Indian Managing
Director
·
Vivek Matto - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th
May 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62759, Dubai
Trade Licence No. : 545364
(Expires 24/05/2015)
Chamber Member No. : 77966
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Development Investment Co LLC 51%
Dubai
·
Amarjit
Singh 49%
AFFILIATED COMPANIES
· Delta Trading Group Pvt Ltd
SCO -686, Sector 70
Mohali – Punjab
India 160071
Tel: (91-172)
5013200
Fax: (91-172) 5031400
Email: amarjit@deltaindia.co.in
·
Delta
Star Building Materials Trading LLC
El Darodo Cinema
Building, Suite No. 403/5, 4th Floor
Electra Road
PO Box: 114258
Abu Dhabi
Tel: (971-2) 6229661
Fax: (971-2)
6229667
Email: delta120@eim.ae
OPERATIONS
Activities: Engaged in the import and distribution of
corrosion protection systems, industrial heat tracing systems,
building materials, tiles,
pipe fittings, flooring materials, paint, construction chemicals, waterproofing
materials, insulation
materials and workshop equipment.
Subject provides the following proven Corrosion Prevention Products
Serving the Oil, Gas, Water, Wastewater and District cooling Industries.
Pipe girth weld
coatings for FBE, PE, CTE & PP coated pipe
Heat Shrinkable
Sleeves and Accessories services_img01.jpg
Cold Applied Anti
Corrosion Tape Wraps
Cathodic protection
products
Coatings for
fittings, bends and tees
Epoxy coatings for
pipe and storage tanks
Insulated pipe
joint and sealing systems
Linings (NSF 61
approved) for pipe and tanks
Liquid adhesives
and primers
Pipe coating repair
systems
Plant applied pipe
coatings
Reconditioning
systems
Technical services
Subject can assist with every phase of Industrial Heat Tracing Project,
including
Project Management
Feasibility
studies/budget quotes
Design
Installation
Supervision
Start-Up and
Maintenance
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 7 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue UAE Dh 13,200,000 UAE Dh 13,850,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Abu
Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction July
2007 July
2009
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
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.58.57 |
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|
1 |
Rs.98.88 |
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Euro |
1 |
Rs.80.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.