MIRA INFORM
REPORT
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Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE BEDDING INDUSTRY LLC |
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Registered Office : |
Jebel Ali Free
Zone, P O Box 44459, 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 : |
26.09.2007 |
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Com. Reg. No.: |
1016763, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of sprung mattresses and mattress components |
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 : |
EUR 300,000 |
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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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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 : RELIANCE BEDDING INDUSTRY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th September 2007
Commercial Registration Number : 1016763, Dubai
Trade Licence Number : 601010
Chamber Membership Number : 124245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 80
Activities : Manufacturers of sprung mattresses and mattress components.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : EUR 300,000
COMPANY NAME
RELIANCE BEDDING
INDUSTRY LLC
company ADDRESS
Registered & Physical Address
Location : Jebel Ali Free Zone
PO Box : 44459
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8854340 / 8856976
Facsimile : (971-4) 8854241 / 8856634
Email : rbidxb@eim.ae
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Vivesk
Sheel Handa Indian Managing Director
·
Samir
Jawhar Lal Indian Director
·
Maryam
Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 26th
September 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1016763,
Dubai
Trade Licence No. : 601010
(Expires 23/09/2011)
Chamber Member No. : 124245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Maryam
Abdullah 51%
·
Vivesk
Sheel Handa 25%
·
Samir
Jawhar Lal 24%
AFFILIATED COMPANIES
·
Al
Muqadimah Trading LLC
PO Box: 28582
Sharjah
Tel: (971-6) 5346562
Fax: (971-6) 5346568
OPERATIONS
Activities: Engaged in the manufacture of sprung
mattresses and mattress components.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 80 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
15,550,000 UAE Dh
16,210,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.59 |
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|
1 |
Rs.73.42 |
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Euro |
1 |
Rs.66.04 |
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.