MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUTO TEXTILES FZCO |
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Registered Office : |
Unit F251 – BE03,
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 17946, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.03. 2006 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Importer and Distributor of Upholstery and Furnishing
Fabrics and Textiles for the Automotive Industry. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AUTO TEXTILES FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 29th March 2006
Trade Licence Number : 5698
Chamber Membership Number : 106068
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 40
Activities : Import and distribution of upholstery and furnishing fabrics and textiles for the automotive industry.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AUTO TEXTILES FZCO
ADDRESS
Registered & Physical Address
Building : Unit F251 – BE03
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17946
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860355
Facsimile : (971-4) 8860356
Email : raj@autotextiles.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and located
in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Gajraj Singh
Ranavaya British Managing Director
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Samir Ranavaya British Director
LEGAL FORM & OWNERS
Date of Establishment : 29th
March 2006
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 5698
Chamber Member No. : 106068
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Gajraj Singh
Ranavaya 60%
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Samir Ranavaya 40%
OPERATIONS
Activities: Engaged in the import and distribution of
upholstery and furnishing fabrics and textiles for the automotive industry.
Import
Countries: United Kingdom
International
Suppliers:
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Modus
Automotive United Kingdom
Operating Trend: Steady
Subject has a
workforce of 40 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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.
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%)