MIRA INFORM REPORT

 

 

Report Date :           

05.11.2011

 

IDENTIFICATION DETAILS

 

Name :

PREMIER FURNITURE INDUSTRY (RESTONIC)

 

 

Registered Office :

Jebel Ali Industrial Area No. 3, Plot No. 559-1119, P O Box 700, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.01.2001

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturers of mattresses and pillows

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

EUR 300,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : PREMIER FURNITURE INDUSTRY (RESTONIC)

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 24th January 2001

Trade Licence Number                            : 516056

Chamber Membership Number                : 15556

Invested Capital                                     : UAE Dh 5,200,000

Total Workforce                                     : 60

Activities                                               : Manufacturers of mattresses and pillows.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : EUR 300,000

Person Interviewed                                 : Mohamed Yonas, Financial Controller

 

COMPANY NAME

 

PREMIER FURNITURE INDUSTRY (RESTONIC)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Jebel Ali Industrial Area No. 3, Plot No. 559-1119

PO Box             : 700

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 8803444

Facsimile          : (971-4) 8803434

Email                : restonic@emirates.net.ae

 

Premises

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Salem Obaid Salem Al Suwaidi                                                          Proprietor & General Manager

 

·       Youef Khoji                                                                                       Assistant General Manager

 

·       Samir Ahmed                                                                                    Commercial Manager

 

·       Mohamed Yonas                                                                               Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th January 2001

 

Legal Form                  : Sole Proprietorship

 

Trade Licence No.       : 516056 (Expires 20/01/2012)

 

Chamber Member No. : 15556

 

Invested Capital           : UAE Dh 5,200,000

 

Mr Salem Obaid Salem Al Suwaidi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Three Star Foam Factory

Sharjah

 

·       Top Line Furniture

Sharjah

 

·       Al Suwaidi Gulf General Transport

Sharjah

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of mattresses and pillows.

 

Import Countries: Europe and GCC countries

 

Operating Trend: Steady

 

Subject has a workforce of 60 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 18,200,000                   UAE Dh 19,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Mohamed Yonas, Financial Controller

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67.79

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.