MIRA
INFORM REPORT
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Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
STANDARD CARPETS INDUSTRIES LLC |
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Registered Office : |
BMW
Road, Industrial Area No. 1, Plot No. 94, Umm Altrfa, PO Box: 27977, Sharjah,
United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
13.04.1997 |
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Com. Reg. No.: |
29872, Sharjah |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
in the production and marketing of carpets and rugs. |
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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Maximum Credit Limit : |
US$
500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
STANDARD CARPETS INDUSTRIES LLC |
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Country
of Origin |
Sharjah, United Arab Emirates |
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Legal
Form |
Limited Liability Company - LLC |
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Registration
Date |
13th April 1997 |
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Commercial
Registration Number |
29872, Sharjah |
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Trade
Licence Number |
3829 |
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Membership
Number |
39538 |
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Issued
Capital |
UAE Dh 250,000 |
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Paid
up Capital |
UAE Dh 250,000 |
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Total
Workforce |
60 |
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Line
of Business |
Production and marketing of carpets and rugs. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
STANDARD
CARPETS INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Street : BMW Road
Location : Industrial Area No. 1, Plot No. 94
Area : Umm Altrfa
PO Box : 27977
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5323777 / 5328822
Facsimile : (971-6) 5333639
Mobile : (971-50) 4819378 / 6257168
Email : carpets@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices, a warehouse and a factory that
are rented and located in the Industrial Area of Sharjah.
KEY PRINCIPLS
Name Nationality Position
· Gulu Wany Indian Managing
Director
· Davedas Nahrandes Mudarani - General
Manager
· T.V
Sheshadri - Finance
Manager
· Sudair Rao - Sales
Manager
· D. Naryan - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th April 1997
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 29872, Sharjah
Trade Licence No. : 3829 (Expires 8th
April 2007)
Membership No. : 39538
Issued
Capital : UAE Dh 250,000
Paid
up Capital : UAE Dh 250,000
Name of Shareholder (s) Percentage
· Un-named local sponsor 51%
· Gulu Wany 49%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with
not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 150,000, which should be divided into equal shares of a value not less than
UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
LINE OF BUSINESS
Operations
: Engaged in the
production and marketing of carpets and rugs.
Import
Countries : The
United Kingdom and Germany.
Export
Countries:
India, South-east Asia and Europe.
Operating
Trend : Steady
Subject
has a workforce of 60 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04: Year
Ending 31/12/05:
Total Revenue UAE Dh 16,150,000 UAE Dh 17,770,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
·
Habib
Bank Ltd
PO Box : 300
Sharjah
Tel :
(971-6) 5356116
Fax :
(971-6) 5526473
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of
transaction December 2001 August 2005
Credit
amount 200,000 237,000
Amount
overdue 0 0
Payment
terms 60 days 120 days
Payment
Method Letters of Credit Letters of Credit
Paying
record No Complaints No Complaints
Currency Euros Pounds
Sterling
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 1997, Standard Carpets Industries LLC is involved in the production and
marketing of carpets and rugs.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 500,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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