MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
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Name : |
AUTO TEXTILES FZCO |
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Registered Office : |
Unit FZ S1 –
BE03, Jebel Ali Free Zone, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
29.03.2006 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Import and distribution of upholstery and furnishing fabrics and textiles for the automotive industry. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AUTO TEXTILES FZCO
Country of Origin :
Legal Form : Free Zone Company - FZCO
Registration Date : 29th March 2006
Trade Licence Number : 5698
Chamber Membership Number : 106068
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 40
Activities : Import and distribution of upholstery and furnishing fabrics and textiles for the automotive industry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Ahmed Choghule, Commercial Manager
COMPANY NAME
AUTO TEXTILES FZCO
ADDRESS
Registered &
Physical Address
Building : Unit FZ S1 – BE03
Area : Jebel Ali Free Zone
PO Box : 17946
Town :
Country :
Telephone : (971-4) 8860355
Facsimile : (971-4) 8860356
Email : raj@autotextiles.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Gajraj Singh
Ranavaya British Managing Director
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Samir
Raj Ranavaya British Director
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Mohamed Ahmed Choghule - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 29th
March 2006
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 5698
Chamber Member No. : 106068
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Gajraj
Singh Ranavaya 60%
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Samir
Raj Ranavaya 40%
OPERATIONS
Activities: Engaged in the import and distribution of
upholstery and furnishing fabrics and textiles for the automotive industry.
Import
Countries:
International
Suppliers:
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Modus
Automotive
Subject has a
workforce of 40 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/07:
Total Sales UAE
Dh 10,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mohamed Ahmed Choghule,
Commercial Manager.
BANKERS
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Habib
Bank AG
Tel: (971-4) 2214535
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HSBC
Bank
Deira Souk Branch
Tel: (971-4) 2535000
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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%)