MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLUE SKY TEXTILES LLC |
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Registered Office : |
Hamdan
Street, PO Box 125083 & 71527, 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 : |
17.01. 1995 |
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Com. Reg. No.: |
29394, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of 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$ 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 : BLUE SKY TEXTILES LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th January 1995
Commercial Registration Number : 29394, Abu Dhabi
Trade Licence Number : 109677
Chamber Membership Number : 50636
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 4
Activities : Wholesale and retail of textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
BLUE SKY TEXTILES LLC
ADDRESS
Registered & Physical Address
Location : Hamdan
Street
PO Box : 125083 & 71527
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6212316 / 6221321
Facsimile : (971-2) 6212024
Mobile : (971-50) 6724843
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Al Awadi Emirati Managing
Director
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Dahram
Daz Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 17th
January 1995
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 29394, Abu
Dhabi
Trade Licence No. : 109677
Chamber Member No. : 50636
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s)
·
Mohamed
Al Awadi
·
Dahram
Daz
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles.
Import
Countries: Indian and
Pakistan
Operating Trend: Steady
Subject has a
workforce of 4 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 6,850,000 UAE Dh 8,100,000
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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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
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 and the above credit figure is within
subject’s financial means.
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%)