MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
APSARA TEXTILES LLC |
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Registered Office : |
Mohamed Mahmood Al Dalal Building, Al Sabkha Street, Al
Bateen, P O Box- 13147, Dubai, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.10.1981 |
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Com. Reg. No.: |
43356, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged in the import, wholesale and retail of textiles, readymade
garments, perfumes and cosmetics |
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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
APSARA TEXTILES LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th October 1981
Commercial Registration Number :
43356,
Trade Licence Number :
202864
Membership Number :
8452
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
39
Line of Business :
Import, wholesale and retail of textiles, readymade garments,
perfumes and cosmetics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
APSARA TEXTILES LLC
ADDRESS
Registered & Physical Address
Building : Mohamed
Mahmood Al Dalal Building
Street :
Area : Al Bateen
PO Box : 13147
Town :
Country :
Telephone : (971-4) 2261561
Facsimile : (971-4)
3533135
Email :
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Abdullah Mohamed Hanifa Indian Managing Director
Sheikh Suhail Ali Saeed Rashid Al Maktoum Emirati Director
Mayan Kotty Pocker Indian Director
Ibrahim Ahmad Bu Sharrain Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 5th
October 1981
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 43356,
Trade Licence No. : 202864
Membership No. : 8452
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Sheikh Suhail Ali Saeed Rashid Al Maktoum
26%
Mayan Kotty Pocker 25%
Ibrahim Ahmad Bu Sharrain 25%
Abdullah Mohamed Hanifa 24%
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 300,000, 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.
Non UAE Participation
The participation of non-Emirati in a trade or business in the
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the
import, wholesale and retail of textiles, readymade garments, perfumes
and cosmetics.
Import Countries :
Operating Trend : Steady
Subject has a workforce of 39 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 13,800,000 UAE Dh
14,050,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1981, Apsara Textiles LLC has gained a good reputation
within the local market. The company specialises in the import, wholesale and
retail of textiles, readymade garments, perfumes and cosmetics.
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 and the above
credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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. |
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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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%)