MIRA INFORM
REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Name : |
AL AQILI FURNISHINGS LLC |
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Registered Office : |
Pyramids Centre,
3rd Floor, Office No. 314, Umm Hureir Road, Al Karama, P O Box
31558, 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 : |
19.04.2000 |
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Com. Reg. No.: |
54354, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Supply, wholesale and retail residential and commercial carpets |
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$ 2,250,000 |
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Status : |
Good |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Bottom of Form
SUMMARY
Company Name : AL AQILI FURNISHINGS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th April 2000
Commercial Registration Number : 54354, Dubai
Trade Licence Number : 517751
Chamber Membership Number : 58512
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 750
Activities : Supply, wholesale and retail residential and commercial carpets
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,250,000
Person Interviewed : Radha Krishnan, Finance Manager
COMPANY NAME
AL AQILI FURNISHINGS LLC
company ADDRESS
Registered & Physical Address
Building : Pyramids Centre, 3rd
Floor, Office No. 314
Street : Umm Hureir Road
Area : Al Karama
PO Box : 31558
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3377717 / 3370377
Facsimile : (971-4) 3370379
Mobile : (971-50) 2783166
Email : aqili@emirates.net.ae
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Dubai.
Branch Office (s)
Location Description
·
Dubai
Festival City Rented
showroom premises
·
Safeer
Mall Rented
showroom premises
Sharjah
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Saeed Al Aqili Emirati Managing
Director
·
Mohamed
Saleh Ahmed Mohamed Al Aqili Emirati Director
·
Rashid Youssif Al Aqili Emirati General
Manager
·
Mansour
Khodjaseth - Chief
Executive Officer
·
Shahriar Khodjasteth - Commercial
Manager
·
Radha Krishnan - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
April 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 54354, Dubai
Trade Licence No. : 517751
(Expires 18/04/2012)
Chamber Member No. : 58512
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Mohamed
Saeed Al Aqili 50%
·
Mohamed
Saleh Ahmed Mohamed Al Aqili 50%
AFFILIATED COMPANIES
Subject is a member of the Al Aqili Group of
Companies, which was established in 1976 and is now an international business
house, which pursues business activities primarily in the Gulf, Iran, Turkey,
Central Asia and the Indian Sub-Continent through its strong presence and
extensive network of alliances.
The
Al Aqili family has a long tradition of business activities in trading,
manufacturing and services, spanning over fifty years. Founded by Mr Mohamed
Saleh Al Aqili, the Group metamorphosed when the current Vice Chairman and
C.E.O. Mr Mohamed Saeed Al Aqili took over the reins. The Group has since then grown
into a large diversified organization.
The Al Aqili Group of Companies consists of the
following concerns:
·
Aqili
Flooring LLC
Pyramids Centre, 3rd Floor, Office No. 310
Umm Hureir Road
Al Karama
PO Box: 31558
Dubai
Tel: (971-4) 3377717
Fax: (971-4) 3370379
Email: aqili@emirates.net.ae
· Aqili Information Systems LLC
PO Box: 33152
Dubai
Tel: (971-4) 3557664
Fax: (971-4) 3592119
Email: ais@emirates.net.ae
·
Aqili Technical & Industrial Services
PO Box: 1496
Dubai
Tel: (971-4) 3965566
Fax: (971-4) 3964289
Email: tom@aqili.com
·
Dubai Gulf Centre Trading
PO Box: 1496
Dubai
Tel: (971-4) 3965566
Fax: (971-4) 3963469
Email: ykoohiji@aqili.com
·
Falcon Industries LLC
PO Box: 10706
Dubai
Tel: (971-4) 2858890
Fax: (971-4) 2863132
Email: gcsci@emirates.net.ae
·
Gulf Soap & Chemical Industries LLC
PO Box: 10706
Dubai
Tel: (971-4) 2858110
Fax: (971-4) 2852292
Email: gcsci@emirates.net.ae
·
Koohiji Group
PO Box: 51304
Dubai
Tel: (971-4) 3524162
Fax: (971-4) 3525645
Email: koohiji@emirates.net.ae
·
Middle East Abrasives
PO Box: 62140
Dubai
Tel: (971-4) 3241400
Fax: (971-4) 3241213
Email: raja@emirates.net.ae
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Secure Transport
PO Box: 29310
Dubai
Tel: (971-4) 2825376
Fax: (971-4) 2827692
Email: secure@emirates.net.ae
·
Maqilies
LLC
PO Box: 1496
Dubai
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New
National Marketing & Trading LLC
PO Box: 24842
Dubai
Tel: (971-4) 3475252
Fax: (971-4) 3472257
Email: namartod@emirates.net.ae
OPERATIONS
Activities: Engaged in the supply, wholesale
and retail residential and commercial carpets, handmade rugs, machine made
rugs, carpet tiles, hospitality and Axminister, hand tufted carpets and rugs,
rubber and PVC flooring, natural fibre flooring and wall coverings. Subject
also deals in fabrics, furniture, lighting and office solutions.
Clients include the Ritz Carlton Hotel and the Fairmont Hotel, both in Dubai.
Import
Countries: United
States of America, Germany, Belgium, Austria, United Kingdom, France, Egypt,
Japan and Australia
International
Suppliers:
·
Oriental Weavers Egypt
·
Nourison United States of
America
·
Shaw Industries United States
of America
·
Francesco Molon Italy
·
Fisher Parkett Austria
Brand Names: MASHLAND, FABRICA, NOURISON, KOWARY, SIAM
CARPETS, BEAULIEU, FISCHER PARKETT, KRONOTEX, BOEN, EARTHWERKS, COUTURE,
VANELLI, SIMTA and SUNBRELLA
Operating Trend: Steady
Subject has a
workforce of approximately 750 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
245,600,000 UAE Dh
248,350,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
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.
Date of
transaction December 2006 October 2007 April 2008
Credit amount 150,000 382,000 700,000
Amount overdue 0 0 0
Payment terms 60
days 160 days 180 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars Pounds
Sterling 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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.