MIRA
INFORM REPORT
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Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIN RASHID FURNITURE CO LLC |
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Registered Office : |
Naif Street,
Deira, PO Box 50836, Dubai |
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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 : |
23.03. 1991 |
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Com. Reg. No.: |
43431, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesaler and Retailer of Carpets, Wallpaper, Metal
Blinds, Curtains and Upholstery
Fabrics. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BIN RASHID FURNITURE CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 23rd March 1991
Commercial Registration Number : 43431, Dubai
Trade Licence Number : 224455
Chamber Membership Number : 20696
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 100
Activities : Wholesale and retail of carpets, wallpaper, metal blinds, curtains and
upholstery fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
COMPANY NAME
BIN RASHID FURNITURE CO LLC
ADDRESS
Registered & Physical Address
Street : Naif Street
Area : Deira
PO Box : 50836
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2729120
Facsimile : (971-4) 2729124
Email : brfco@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area.
Branch Office (s)
Location Description
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Al Mussalla
Street Rented
showroom premises
Al Souq Al Kabir
Dubai
Tel: (971-4) 3515106
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Al Ain Rented
showroom premises
Tel: (971-3) 7220197
Fax: (971-3) 7220198
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Sharjah Rented
showroom premises
Tel: (971-6) 5346775
Fax: (971-6) 5323172
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Ras Al Khaimah Rented
showroom premises
Tel: (971-7) 2334411
Fax: (971-7) 2336262
Subject also operates branches in Qatar and Bahrain.
KEY PRINCIPALS
Name Nationality Position
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Feras Rashid
Bachat Canadian Managing Director
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Wael Shaher
Ibrahim Tayfoor Emirati Director
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Mohamed
Al Tayeb Abu Huzifa - Commercial
Manager
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Mohamed
Abdul Rahman - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 23rd
March 1991
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43431, Dubai
Trade Licence No. : 224455
(Expires 18/08/2008)
Chamber Member No. : 20696
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Wael Shaher
Ibrahim Tayfoor 51%
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Feras Rashid
Bachat 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of
carpets, wallpaper, metal blinds, curtains and upholstery fabrics.
Import
Countries: India, China,
United Kingdom, and the United States of America.
Operating Trend: Steady
Subject has a
workforce of 100 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
31,670,000 UAE Dh
34,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
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%)