MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HOUSETEX COMPANY LTD |
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Registered Office : |
Al
Khan Street, Industrial Area
No. 2, PO Box 2093, Sharjah |
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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 : |
07.08.1991 |
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Com. Reg. No.: |
21475, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of Household Furnishings |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HOUSETEX COMPANY LTD
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th August 1991
Commercial Registration Number : 21475, Sharjah
Trade Licence Number : 3518
Chamber Membership Number : 28143
Issued Capital : UAE Dh 750,000
Paid up Capital : UAE Dh 750,000
Total Workforce : 240
Activities : Manufacture of household furnishings
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
Person Interviewed : Krishna Parasad, Finance Manager
COMPANY NAME
HOUSETEX COMPANY
LTD
ADDRESS
Registered & Physical Address
Street : Al
Khan Street
Area : Industrial Area No. 2
PO Box : 2093
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5332461
Facsimile : (971-6) 5339919
Email : housetex@eim.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Jamil
Bin Ali Bin Sultan Omani Managing Director
·
Mustafa
Bin Ahmed Omani Director
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Camil
Rasbi - General
Manager
·
Krishna
Parasad - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
August 1991
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 21475, Sharjah
Trade Licence No. : 3518 (Expires 03/08/2009)
Chamber Member No. : 28143
Issued Capital : UAE Dh 750,000
Paid up Capital : UAE Dh 750,000
Name of Shareholder (s)
·
Jamil
Bin Ali Bin Sultan
·
Mustafa
Bin Ahmed
OPERATIONS
Activities: Engaged in the manufacture of household
furnishings including sheets, pillows, mattress protectors, quilt covers,
polyester bonded fibre and pillow and cushion fillings.
Import
Countries: India and China
Brand Names: ROYAL, RELAX, & SAVOY
Operating Trend: Steady
Subject has a
workforce of approximately 240 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
65,600,000 UAE Dh
69,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Mashreq Bank
Plc
Foreign Trade Centre
Al Boorj Avenue
PO Box : 9271
Sharjah
Tel : (971-6) 5351366 / 5354873
Fax : (971-6) 5372903
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.47.46 |
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UK Pound |
1 |
Rs.83.37 |
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Euro |
1 |
Rs.64.46 |
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%)