MIRA INFORM
REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
THREE STAR FOAM FACTORY |
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Registered Office : |
Street No. 37, Al
Mina Street, Industrial Area No. 3, P O Box 3656, Sharjah |
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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 : |
09.03.1987 |
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Com. Reg. No.: |
3296, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacture of mattresses, furniture springs, foam and sponge |
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$ 500,000 |
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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
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
SUMMARY
Company Name : THREE STAR FOAM FACTORY
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 9th March 1987
Commercial Registration Number : 3296, Sharjah
Trade Licence Number : 3296
Chamber Membership Number : 17200
Invested Capital : UAE Dh 3,000,000
Total Workforce : 200
Activities : Manufacture of mattresses, furniture springs, foam and sponge
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
Person Interviewed : Raed Mahmoud Mansour, Finance Manager
COMPANY NAME
THREE STAR FOAM
FACTORY
company ADDRESS
Registered & Physical Address
Street : Street No. 37, Al Mina Street
Area : Industrial Area No. 3
PO Box : 3656
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5437222 / 5436441 / 5437160 /
5437192 / 5437345
Facsimile : (971-6) 5437773
Email : tsff@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices, a factory and showroom that are owned and
located in the Industrial Area of Sharjah.
Branch Office (s)
Location Description
·
Abu
Dhabi Rented
showroom premises
Tel: (971-2) 6443144
Fax: (971-2) 62445755
·
Al Ain Rented
showroom premises
Tel: (971-50) 6348492
·
Ras Al
Khaimah Rented
showroom premises
Tel: (971-50) 6368413
·
Fujairah Rented
showroom premises
Tel: (971-50) 7461812
KEY PRINCIPALS
Name Position
·
Salem
Obaid Al Suwaidi Proprietor
& General Manager
·
Ali
Ahmed Assistant
General Manager
·
Raed
Mahmoud Mansour Finance
Manager
·
Nedal Al Fada Sharjah
Branch Manager
·
Muntaser Omran Abu
Dhabi Branch Manager
·
Hani Al Qader Dubai
Branch Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
March 1987
Legal Form :
Sole Proprietorship
Commercial Reg. No. :
3296, Sharjah
Trade Licence No. : 3296
(Expires 06/03/2013)
Chamber Member No. : 17200
Invested Capital
: UAE Dh 3,000,000
Mr Salem Obaid Al
Suwaidi is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the manufacture of mattresses,
furniture springs, foam and sponge.
Import
Countries: Europe and GCC
countries
Brand Names: SLEEP FINE
Operating Trend: Steady
Subject has a
workforce of 200 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
38,000,000 UAE Dh
40,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Raed Mahmoud Mansour, Finance Manager
BANKERS
·
Abu
Dhabi Commercial Bank
Mina Road
PO Box: 4377
Sharjah
Tel: (971-6) 5737000
Fax: (971-6) 5725331
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.34 |
|
|
1 |
Rs.73.70 |
|
Euro |
1 |
Rs.65.75 |
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.