MIRA INFORM
REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
APSARA TEXTILES LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.08.1977 |
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Com. Reg. No.: |
1160, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import, wholesale and retail of textiles and fabrics |
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$ 175,000 |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : APSARA TEXTILES LTD
Also Known As : APSARA TEXTORIUM
Country of Origin :
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 : Import, 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 :
Location : Al
Gowair Area
PO Box : 5210
Town : Sharjah
Country :
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
PO Box: 13147
Tel: (971-4) 3535733
Fax: (971-4) 3533135
·
Sharjah
OPERATIONS
Activities : Engaged in the import, wholesale and retail
of textiles and fabrics.
Import Countries :
Operating Trend : Steady
Subject has a
workforce of 25 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/08: Year
Ending 31/12/09:
Total Sales UAE Dh 5,150,000 UAE Dh 6,000,000
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
Foreign Trade Centre
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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1 |
Rs.70.38 |
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Euro |
1 |
Rs.58.93 |
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.