MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CARPET LAND LLC |
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Registered Office : |
Abdullah Darwish
Building, Al Salam Street, PO Box 41406, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
27.07.1999 |
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Com. Reg. No.: |
41240, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and Retailers of Carpet and other Flooring
Products. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CARPET LAND LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th July 1999
Commercial Registration Number : 41240, Abu Dhabi
Trade Licence Number : 1034500
Chamber Membership Number : 78775
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 15
Activities : Wholesalers and retailers of carpet and other flooring products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
CARPET LAND LLC
ADDRESS
Registered & Physical Address
Building : Abdullah Darwish Building
Street : Al Salam Street
PO Box : 41406
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6777800 / 6347111
Facsimile : (971-2) 6778881
Email : cptland@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Said Al Aqili Emirati Managing Director
·
Mohamed
Saleh Al Aqili Emirati Director
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Raju
Sinha - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th
July 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41240, Abu
Dhabi
Trade Licence No. : 1034500
Chamber Member No. : 78775
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
·
Mohamed
Said Al Aqili
·
Mohamed
Saleh Al Aqili
AFFILIATED COMPANIES
·
Al Aqili
Furnishing Group
Dubai
Tel : (971-4) 3377717
OPERATIONS
Activities: Engaged in the wholesale and retail of
carpet and other flooring products.
Import
Countries: United Kingdom
and the United States of America.
International
Suppliers:
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Show Carpet United States of America
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Moslan
Carpet United States of America
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Ployfloor United Kingdom
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 8,300,000 UAE Dh 9,850,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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National Bank
of Abu Dhabi
Sheikh Khalifa Street
PO Box : 4
Abu Dhabi
Tel : (971-2) 6345777 / 6327113 / 6335262
Fax : (971-2) 6336078
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1999, subject is involved in the wholesale and retail of carpet and other
flooring products.
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
business is considered to be a fair trade risk and the above credit figure is
deemed to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.58 |
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UK Pound |
1 |
Rs.81.43 |
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Euro |
1 |
Rs.64.52 |
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%)