MIRA
INFORM REPORT
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Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
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Name : |
NORTH FASHION TEXTILES LLC |
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Registered Office : |
Salman & |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
19.07.2003 |
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Com. Reg. No.: |
63419, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail of readymade garments, textiles and fashion accessories |
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$ 200,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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UAE |
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 : NORTH FASHION TEXTILES LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 19th July 2003
Commercial Registration Number : 63419,
Trade Licence Number : 547126
Chamber Membership Number : 79397
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Wholesale and retail of readymade garments, textiles and fashion
accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
Person Interviewed : Chandra Prakash Babani, Managing Director
COMPANY NAME
NORTH FASHION TEXTILES LLC
ADDRESS
Registered & Physical Address
Building : Salman &
Street :
Area : Al Souq Al
Kabir
PO Box : 43987
Town :
Country :
Telephone : (971-4) 3537758
Facsimile : (971-4)
3537768
Email : bbcdenim@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.
Branch Offices
Location Description
· Al Aweer
Industrial Area Warehouse
premises
Tel: (971-4)
3330328
KEY PRINCIPALS
Name Nationality Position
· Chandra Prakash
Babani
Indian Managing
Director
· Shehab Ahmad Juma
Reza Al Habash Emirati Director
· M Rawat - Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 19th
July 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 63419,
Trade Licence No. : 547126 (Expires 14/07/2011)
Chamber Member No. : 79397
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Shehab Ahmad Juma
Reza Al Habash 51%
· Chandra Prakash
Babani 49%
AFFILIATED COMPANIES
· North View Textile
LLC
PO Box: 43987
Tel: (971-4)
3539311
OPERATIONS
Activities: Engaged in the wholesale and retail of readymade garments, textiles and
fashion accessories.
Import Countries:
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 9,500,000 UAE Dh
10,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Chandra Prakash Babani, Managing
Director
BANKERS
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4)
2229131 / 2221134
Fax: (971-4)
2233784
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Please note that
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.44.99 |
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1 |
Rs.73.24 |
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Euro |
1 |
Rs.62.80 |
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.