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Report No. : |
334951 |
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Report Date : |
03.08.2015 |
IDENTIFICATION DETAILS
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Name : |
DANUBE BUILDING MATERIALS FZCO |
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Registered Office : |
Plot No. EWTA 105, Warehouse S10834, Sheikh Zayed Road, Roundabout No.
5/6, Jebel Ali Free Zone, PO Box 18022, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.07.2003 |
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Com. Reg. No.: |
137 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Subject is 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. |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 :
Rama Swamy, Finance Manager
DANUBE BUILDING MATERIALS FZCO
Registered &
Physical Address
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
Mobile : (971-50)
4580593
Email : info@aldanube.com
/ reception@aldanube.com / sales@aldanubee.com
/
Premises
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
Rama Swamy - Finance Manager
Terry Thomas - Assistant 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
Name of
Shareholder (s) Percentage
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 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 1,840,000,000 UAE Dh
1,965,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rama Swamy, Finance Manager
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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
Dubai
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.64.00 |
|
|
1 |
Rs.99.84 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
-- |
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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.