MIRA INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
SQUARE TEXTILES LLC |
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Registered Office : |
Ali Jassim Makki
Building, Ali Ibn Abi Talib Street, Al Suq Al Kabir, P O Box 45185, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
09.01.1996 |
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Com. Reg. No.: |
46091, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of textiles, blankets, towels and household linens |
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No. of Employees
: |
14 persons |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : SQUARE TEXTILES LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th January 1996
Commercial Registration Number : 46091, Dubai
Trade Licence Number : 240349
Chamber Membership Number : 36869
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 14
Activities : Wholesale and retail of textiles, blankets, towels and household linens
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
Person Interviewed : Hetaish Khan Chandani, Commercial Manager
COMPANY NAME
SQUARE TEXTILES LLC
company ADDRESS
Registered &
Physical Address
Building : Ali Jassim Makki Building
Street : Ali Ibn Abi Talib Street
Area : Al Suq Al Kabir
PO Box : 45185
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3530430
Facsimile : (971-4) 3530436
Mobile : (971-4) 6260741
Email : sunnyl@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Manoharlal
Khanchandani Indian Managing
Director
·
Mohamed
Abdul Rahim Abdullah Kashwani Emirati Director
·
Hetaish
Khan Chandani - Commercial
Manager
·
Mahes
Sharma - Sales
Manager
·
Lucky
Macham - Sales
Executive
LEGAL FORM & OWNERS
Date of Establishment : 9th
January 1996
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 46091, Dubai
Trade Licence No. : 240349
(Expires 08/01/2012)
Chamber Member No. : 36869
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Mohamed
Abdul Rahim Abdullah Kashwani 51%
·
Manoharlal
Khanchandani 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles, blankets, towels and household linens.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 14 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
14,600,000 UAE Dh
16,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Hetaish Khan Chandani, Commercial Manager
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1996, subject is involved in the import and distribution of textiles, blankets,
towels and household linens.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.81 |
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UK Pound |
1 |
Rs.82.00 |
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Euro |
1 |
Rs.68.81 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.