MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILORDS MIDDLE EAST FZC |
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Registered Office : |
Block E 2-10,
E2-8, Saif Zone, PO Box 8351, 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 : |
17.07. 2001 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Production of Socks |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MILORDS MIDDLE EAST FZC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 17th July 2001
Trade Licence Number : 03-0401031
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 300
Activities : Production of socks
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MILORDS MIDDLE EAST
FZC
ADDRESS
Registered & Physical Address
Location : Block E 2-10, E2-8
Area : Saif Zone
PO Box : 8351
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5571918 / 5571917
Facsimile : (971-6) 5571929
Email : milords@milordsuae.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Saif Zone of Sharjah.
KEY PRINCIPALS
Name Position
·
Iqibal Ahmed Managing
Director
·
Mohamed Moosa
Ismail Director
·
Mohamed Iqibal
Ahmed General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
July 2001
Legal Form :
Free Zone Company - FZCO
Trade Licence No. :
03-0401031
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
·
Iqibal Ahmed
·
Mohamed Moosa
Ismail
OPERATIONS
Activities: Engaged in the production of socks,
including sports socks, sneaker socks, flight socks, walking socks, medical
socks, budget socks, rib socks and slipper socks.
Import
Countries: Europe and the
United States of America
International
Clients:
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Wal-Mart United States of America
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K-Mart United States of America
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Target Store United States of America
Operating Trend: Steady
Subject has a workforce
of approximately 300 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
41,750,000 UAE Dh
43,900,000
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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National Bank
of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
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HSBC Bank
Middle East
Al Arooba Street
PO Box : 25
Sharjah
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction October
2005
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
2001, subject is involved in the production of socks, including sports socks,
sneaker socks, flight socks, walking socks, medical socks, budget socks, rib
socks and slipper socks.
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
business 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.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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%)