MIRA
INFORM REPORT
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Report Date : |
21.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
QAZWEEN PERSIAN CARPET & NOVELTY LLC |
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Registered Office : |
Shop No. 55-56, 1st
Floor, Block No. 5, Sharjah Central Market, Al Marija Area, PO Box 23059, Sharjah |
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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 : |
03.06.1995 |
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Com. Reg. No.: |
26905, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and Retailers of Handmade Carpets, rugs and
Novelty 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 : QAZWEEN PERSIAN CARPET & NOVELTY LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd June 1995
Commercial Registration Number : 26905, Sharjah
Trade Licence Number : 119255
Chamber Membership Number : 36332
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 15
Activities : Wholesalers and retailers of handmade carpets, rugs and novelty products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
QAZWEEN PERSIAN
CARPET & NOVELTY LLC
ADDRESS
Registered & Physical Address
Location : Shop No. 55-56, 1st
Floor, Block No. 5, Sharjah Central Market
Area : Al Marija Area
PO Box : 23059
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5730779
Facsimile : (971-6) 5730780
Mobile : (971-50) 6269649
Email : qazween@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
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Fatima
Ahmed Saeed Mohamed Emirati Managing Director
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Khalid
Abdo Mohamed Yemeni Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd
June 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 26905,
Sharjah
Trade Licence No. : 119255
(Expires 30th May 2009)
Chamber Member No. : 36332
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
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Fatima
Ahmed Saeed Mohamed 51%
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Khalid
Abdo Mohamed 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of
handmade carpets, rugs and novelty products.
Import
Countries: Europe and the
Far East.
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 7,800,000 UAE Dh 8,430,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates Bank
International Ltd
Immigration Road
PO Box : 25090
Sharjah
Tel : (971-6) 5733300
Fax : (971-6) 5730077
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1995, subject is involved in the wholesale and retail of handmade carpets, rugs
and novelty products.
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.
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%)