MIRA INFORM REPORT

 

 

Report Date :

08.01.2011

 

IDENTIFICATION DETAILS

 

Name :

APSARA TEXTILES LLC

 

 

Registered Office :

Geebee Trading Building, 4th Floor, Office No. 17, Al Fahidi Street, P O Box 13147, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

05.10.1981

 

 

Com. Reg. No.:

43356, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import, wholesale and retail of textiles and fabrics

 

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$ 300,000

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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 LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 5th October 1981

Commercial Registration Number            : 43356, Dubai

Trade Licence Number                            : 202864

Chamber Membership Number                : 8452

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 45

Activities                                               : Import, wholesale and retail of textiles and fabrics

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 300,000

Person Interviewed                                 : Gamal Eddine Vitta, Finance Manager

 

COMPANY NAME

 

APSARA TEXTILES LLC

 

 

company ADDRESS

 

Registered & Physical Address

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

Street               : Al Fahidi Street

PO Box             : 13147

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3535733 / 3535721

Facsimile          : (971-4) 3533135

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 Dubai.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       Al Sabaka Street                                                                                           Rented showroom premises

Deira

     Dubai

     Tel: (971-4) 2261561

 

·       Deira                                                                                                            Rented showroom premises

Dubai

       Tel: (971-4) 2267982

 

·       Al Fahidi Street                                                                                             Rented showroom premises

Dubai

     Tel: (971-4) 3535969

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality                   Position

 

·       Abdullah Mohamed Hanifa                                             Indian                         Managing Director

 

·       Abdullah Ahmed                                                           Indian                         Director

 

·       Sheikh Suhail Ali Saeed Rashid Al Maktoum                 Emirati                        Director

 

·       Mayan Kotty Pocker                                                     Indian                         Director

 

·       Ibrahim Ahmad Bu Sharrain                                          Emirati                        Director

 

·       Suresh Babu                                                        -                            General Manager

 

·       Gamal Eddine Vitta                                                          -                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th October 1981

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 43356, Dubai

 

Trade Licence No.       : 202864 (Expires 5th October 2011)

 

Chamber Member No. : 8452

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)

 

·       Sheikh Suhail Ali Saeed Rashid Al Maktoum

 

·       Mayan Kotty Pocker

 

·       Ibrahim Ahmad Bu Sharrain

 

·       Abdullah Ahmed

 

·       Abdullah Mohamed Hanifa

 

 

AFFILIATED COMPANIES

 

·       Apsara Textiles Ltd

Rolla Street

Al Gowair Area

PO Box 5210

Sharjah

Tel: (971-6) 5618542 / 5616306

Fax: (971-6) 5618542 / 5616306

 

·       Anumpama Tex

     Sharjah

 

 

OPERATIONS

 

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

 

Import Countries          : Japan, India, Thailand, Indonesia and Europe

 

Operating Trend          : Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                UAE Dh 18,000,000                   UAE Dh 29,000,000

 

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

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

Fax: (971-4) 2233784

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

Established in 1981, Apsara Textiles LLC has gained a good reputation within the local market. The company specialises in the import, wholesale and retail of textiles and fabrics.

 

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.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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.