MIRA INFORM REPORT

 

 

Report Date :           

30.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NASEEJ FABRICS MANUFACTURING CO LLC

 

 

Registered Office :

Sheikh Zayed Road, Al Quoz Industrial Area No. 4, P O Box 52881, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.11.1995

 

 

Com. Reg. No.:

1294, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Spinners and weavers of cotton and wool

 

 

No. of Employees :

196

 

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$ 500,000

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                                     : NASEEJ FABRICS MANUFACTURING CO LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 11th November 1995

Commercial Registration Number                        : 1294, Dubai

Trade Licence Number                            : 300737

Chamber Membership Number                : 36184

Issued Capital                                        : UAE Dh 20,000,000

Paid up Capital                                      : UAE Dh 20,000,000

Total Workforce                                     : 196

Activities                                               : Spinners and weavers of cotton and wool.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Raed Ahmed Mohamed, Public Relations Manager

 

COMPANY NAME

 

NASEEJ FABRICS MANUFACTURING CO LLC

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area No. 4

PO Box             : 52881

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3470808 / 3476491

Facsimile          : (971-4) 3470201 / 3475784

Email                : naseej@emirates.net.ae

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Adel Noori Jaber                                              Emirati                        Managing Director

 

·       Abdullah Ali Obaid Al Hamli                             Emirati                        Director

 

·       Sabri Lotfy Ahmed Abu Zaid                                  -                            General Manager

 

·       Mohamed Zahid Abdul Majeed                               -                            Commercial Manager

 

·       Alaa Eddine Fahmy Mohamed                               -                            Production Manager

 

·       Raed Ahmed Mohamed                                        -                            Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th November 1995

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1294, Dubai

 

Trade Licence No.       : 300737

 

Chamber Member No. : 36184

 

Issued Capital              : UAE Dh 20,000,000

 

Paid up Capital            : UAE Dh 20,000,000

 

Name of Shareholder (s)                                         Percentage

 

·       Dubai Islamic Bank                                                   99%

PO Box: 1080

Dubai

Tel: (971-4) 2953000

Fax: (971-4) 2954111

 

·       Abdullah Ali Obaid Al Hamli                                         1%

 

 

OPERATIONS

 

Activities: Engaged in the spinning and weaving of cotton and wool.

 

Import Countries: Germany

 

International Suppliers:

 

·       Meera Tex    Germany

 

Operating Trend: Steady

 

Subject has a workforce of 196 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 52,000,000                   UAE Dh 48,000,000

 

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

 

The above figures were provided by Mr Raed Ahmed Mohamed, Public Relations Manager

 

 

BANKERS

 

·       Dubai Islamic Bank

PO Box: 1080

Dubai

Tel: (971-4) 2953000

Fax: (971-4) 2954111

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2008

Credit amount                                        25,000

Amount overdue                         0

Payment terms                                      30 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.36

UK Pound

1

Rs.82.51

Euro

1

Rs.68.99

 

 

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.