MIRA INFORM
REPORT
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Report Date : |
19.05.2011 |
IDENTIFICATION DETAILS
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Name : |
QAROON TEXTILE LLC |
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Registered Office : |
Al Souq Street, Al
Souq Al Kabir, P O Box 45309, 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 : |
28.10.2003 |
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Com. Reg. No.: |
64645, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of textiles, fabrics and household linens. |
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 – 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 |
Bottom of Form
SUMMARY
Company Name : QAROON TEXTILE LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th October 2003
Commercial Registration Number : 64645, Dubai
Trade Licence Number : 550290
Chamber Membership Number : 81820
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Wholesale and retail of textiles, fabrics and household linens.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
QAROON TEXTILE LLC
company ADDRESS
Registered & Physical Address
Street : Al Souq Street
Area : Al Souq Al Kabir
PO Box : 45309
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3536572
Facsimile : (971-4) 3531672
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
·
Elham
Rashed Kahen Iranian Managing
Director
·
Ibrahim
Jalal Derkhshan Iranian Director
·
Naser
Abdulsamad Azdery Iranian Director
·
Ahmed Abdullah
Alsayed Ahmed Al Hashemi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 28th
October 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 64645, Dubai
Trade Licence No. : 550290
(Expires 25/10/2011)
Chamber Member No. : 81820
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Ahmed
Abdullah Alsayed Ahmed Al Hashemi 51%
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Elham
Rashed Kahen 22%
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Ibrahim
Jalal Derkhshan 15%
·
Naser Abdulsamad
Azdery 12%
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles, fabrics and household linens.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 6 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 8,475,000 UAE Dh 8,910,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
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.45.08 |
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UK Pound |
1 |
Rs.73.45 |
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Euro |
1 |
Rs.64.30 |
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.