MIRA INFORM
REPORT
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Report Date : |
29.01.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Ahmed Abdullah Humaid
Building, Al Faheidi Street, Al Souq Al Kabir, P O Box 5704, Dubai |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.11.1987 |
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Com. Reg. No.: |
47100, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail
of textiles, fabrics, polyester yarns and stable fibre, PET films, Chinese
cement, clinkers, greeting cards, paper, cartons, plywood, furniture,
mattresses and pillows |
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$ 150,000 |
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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 :
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 18th November 1987
Commercial Registration Number : 47100,
Trade Licence Number : 215720
Chamber Membership Number : 12738
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Total Workforce : 12
Activities : Wholesale and retail of textiles, fabrics, polyester yarns and stable fibre,
PET films, Chinese cement, clinkers, greeting cards, paper, cartons,
plywood, furniture, mattresses and pillows.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
company ADDRESS
Registered & Physical Address
Building :
Street :
Area : Al Souq Al Kabir
PO Box : 5704
Town :
Country :
Telephone : (971-4) 3533111 / 3533566 / 3532682
Facsimile : (971-4) 3531676 / 3533575 / 3538944
Email : avontex@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
·
Alimchandani
Arjundas Naraindas Indian Managing Director
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Fakhredin
Hamidi Algerian Director
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Naraindas
Alimchandani Indian Director
·
Sanjay
Kumar Naraindas Alimchandani Indian Director
·
Abdul
Salam Ibrahim Mohamed Hussain Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 18th
November 1987
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 47100,
Trade Licence No. : 215720
(Expires 9th November 2011)
Chamber Member No. : 12738
Issued Capital : UAE Dh 600,000
Paid up Capital : UAE Dh 600,000
Name of Shareholder
(s) Percentage
·
Abdul
Salam Ibrahim Mohamed Hussain 51%
·
Alimchandani
Arjundas Naraindas 13%
·
Fakhredin
Hamidi 12%
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Naraindas
Alimchandani 12%
·
Sanjay
Kumar Naraindas Alimchandani 12%
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles, fabrics, polyester yarns and stable fibre, PET films,
Chinese cement, clinkers, greeting cards, paper, cartons, plywood,
furniture, mattresses and pillows.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 12 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh
12,770,000 UAE Dh
13,025,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Standard
Chartered Bank
PO Box: 999
Tel: (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.74 |
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|
1 |
Rs.72.73 |
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Euro |
1 |
Rs.62.73 |
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 |
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.