MIRA
INFORM REPORT
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Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAROLINA FABRICS
LTD |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, P O Box 16838, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
26th August 1992 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Spinners and weavers of non-clothing textiles. |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CAROLINA FABRICS LTD
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 26th August 1992
Trade Licence Number : 660
Membership Number : 24925
Issued Capital : UAE Dh 3,700
Paid up Capital : UAE Dh 3,700
Total Workforce : 530
Line of Business : Spinners and weavers of non-clothing textiles.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
CAROLINA FABRICS
LTD
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 16838
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8816332
Facsimile : (971-4) 8816625
Email : info@carolinafabgroup.com
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the Jebel
Ali Free Zone.
KEY PRINCIPALS
·
Nadeem Nishat Chairman
·
Mansoor Nishat Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 26th
August 1992
Legal Form :
Subject is the United Arab
Emirates registered branch of Carolina Fabrics Ltd, a
Limited Liability Company
incorporated in the British Virgin Islands.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays in the hands of the company where
it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its
registered office, in this case
the British Virgin Islands.
Trade Licence No. : 660
(Expires 14th August 2008)
Membership No. : 24925
Issued Capital : UAE Dh 3,700
Paid up Capital : UAE Dh 3,700
LINE OF BUSINESS
Operations : The weaving unit which started with just 92
Air jet looms in 1992, is currently running with a capacity of 2.5 million
liner meters of grey cloth per year with 270 Air jet looms and has also started
a ring spinning unit with a yearly capacity of 7500 tons of cotton and
specialized yarns.
Carolina’s Spinning Unit was established in March 2003 and is equipped with the latest in machinery, and has a capacity of over 28000 spindles.
In 1999 subject was approved by BVQI for ISO 9002/ 1994 certification.
Import Countries
: Europe, India, Taiwan and
Malaysia.
Subject has a
workforce of approximately 530 employees.
FINANCIAL HIGHLIGHTS
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
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
·
United Bank
Ltd
Murshid Bazar Branch
PO Box : 1000
Dubai
Tel : (971-4) 2282025 / 2223191
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction November 2005
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1992, subject is involved in the spinning and weaving of non-clothing textiles
and is branch of a foreign registered corporation, namely Carolina Fabrics Ltd of
the British Virgin Islands.
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.
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. |
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%)