MIRA INFORM REPORT

 

 

Report Date :           

14.12.2011

 

IDENTIFICATION DETAILS

 

Name :

APSARA TEXTILES LTD

 

 

Registered Office :

Rolla Street, Al Gowair Area, P O Box 5210, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

20.08.1977

 

 

Com. Reg. No.:

1160, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of textiles and fabrics.

 

 

No. of Employees :

25 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 175,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : APSARA TEXTILES LTD

Also Known As                                      : APSARA TEXTORIUM

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 20th August 1977

Commercial Registration Number            : 1160, Sharjah

Trade Licence Number                            : 12297

Chamber Membership Number                : 3631

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 25

Activities                                               : Wholesale and retail of textiles and fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 175,000

Person Interviewed                                 : Gamal Eddine Vitta, Finance Manager

 

 

 

COMPANY NAME

 

APSARA TEXTILES LTD

 

 

ALSO KNOWN AS

 

APSARA TEXTORIUM

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Rolla Street

Area                 : Al Gowair Area

PO Box             : 5210

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5618542 / 5616306

Facsimile          : (971-6) 5618542 / 5616306

Email                : mail@apsaragroup.com

 

Premises

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Abdullah Mohamed Hanifa                                 Indian                         Managing Director

 

·       Sheikh Abdullah Majid Al Qassimi                    Emirati                        Director

 

·       Mohamed Shafi                                                    -                            Commercial Manager

 

·       Gamal Eddine Vitta                                              -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th August 1977

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1160, Sharjah

 

Trade Licence No.       : 12297

 

Chamber Member No. : 3631

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)

 

·       Abdullah Mohamed Hanifa

 

·       Sheikh Abdullah Majid Al Qassimi

 

 

AFFILIATED COMPANIES

 

·       Apsara Textiles LLC

     Geebee Trading Building, 4th Floor, Office No. 17

     Al Fahidi Street

     PO Box: 13147

     Dubai

     Tel: (971-4) 3535733 / 3535721

     Fax: (971-4) 3533135

 

·       Anumpama Tex

     Sharjah

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles and fabrics.

 

Import Countries: India, Thailand and Europe.

 

Operating Trend: Steady

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 6,000,000                     UAE Dh 6,680,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures were confirmed by Mr Gamal Eddine Vitta, Finance Manager

 

 

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 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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.40

UK Pound

1

Rs.83.32

Euro

1

Rs.70.44

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.