MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOMBAY SILK CENTRE WLL |
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Registered Office : |
Electra City
Street, PO Box 15054, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
16073, Doha |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Retail of Readymade Garments, Embroidery, Bead Work, Fabrics,
Gold and Silver Motifs |
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 : BOMBAY SILK CENTRE WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 1988
Commercial Registration Number : 16073, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 12
Activities : Retail of readymade garments, embroidery, bead work, fabrics, gold and silver motifs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
BOMBAY SILK CENTRE
WLL
ADDRESS
Registered & Physical Address
Location : Electra City Street
PO Box : 15054
Town : Doha
Country : Qatar
Telephone : (974) 4447677 / 4427675 / 4412715 /
4412716
Facsimile : (974) 4427677
Email : shalibekal@qatar.net.qa
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Doha.
KEY PRINCIPALS
Name Nationality Position
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Bekal Mohamed
Shali Indian Managing
Director
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Rashid Mubarak
Al Kuawari Qatari Director
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Kakkulath
Abdul Qader - Administration
Manager
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M.S.M. Dilshad - Accounts
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1988
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 16073, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Name of Shareholder (s) Percentage
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Rashid Mubarak
Al Kuawari 51%
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Bekal Mohamed
Shali 49%
OPERATIONS
Activities: Engaged in the retail of readymade garments,
embroidery, bead work, fabrics, gold and silver motifs.
Import
Countries: India
International
Suppliers:
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Raymond India
Operating Trend: Steady
Subject has a
workforce of 12 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales QR 7,380,000 QR 7,900,000
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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Commercial
Bank of Qatar Ltd (QSC)
PO Box : 3232
Doha
Tel : (974) 4490222
Fax : (974) 4438182
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Bombay Silk Centre
WLL was registered in 1988 and is well established in the local business
community specialising in the retail of readymade garments, embroidery, bead
work, fabrics, gold and solver motifs.
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 deemed admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.54 |
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UK Pound |
1 |
Rs.84.86 |
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Euro |
1 |
Rs.66.95 |
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%)