MIRA INFORM REPORT

 

 

Report Date :           

04.01.2012

 

IDENTIFICATION DETAILS

 

Name :

BOMBAY SILK CENTRE WLL

 

 

Registered Office :

Mushreib Street, P O Box 15054, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.11.1993

 

 

Com. Reg. No.:

16073, Doha

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Wholesalers and retailers of readymade garments, embroidery, bead work, fabrics, gold and silver motifs

 

 

No. of Employees :

12

 

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 :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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)

Qatar

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                                     : BOMBAY SILK CENTRE WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Start Date                                             : 1988

Registration Date                                   : 29th November 1993

Commercial Registration Number            : 16073, Doha

Chamber Membership Number                : 1074/1

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 12

Activities                                               : Wholesalers and retailers of readymade garments, embroidery, bead

work, fabrics, gold and silver motifs

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

BOMBAY SILK CENTRE WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Mushreib Street

PO Box             : 15054

Town                 : Doha

Country             : Qatar

Telephone         : (974) 44447677 / 44427674 / 44427675 / 44412715 / 44412716

Facsimile          : (974) 44427677

Mobile               : (974) 55501216

Email                : shalibekal@qatar.net.qa / bombaysilk@gmail.com

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Doha.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Bekal Mohamed Shali                                       Indian                                     Managing Director

 

·       Ali Misnad Ali Al Mohandi                                Qatari                                     Director

 

·       Kakkulath Abdul Qader                                         -                                        Administration Manager

 

·       Mohamed S M Dilshad                                         -                                        Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1988, however it was registered on 29th November 1993

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 16073, Doha

 

Chamber Member No. : 1074/1

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)                                              Percentage

·       Ali Misnad Ali Al Mohandi                                               51%

·       Bekal Mohamed Shali                                                     49%

 

 

AFFILIATED COMPANIES

 

·       Al Jaffal Centre WLL

Doha

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments, embroidery, bead work, fabrics, gold and

     silver motifs.

 

Import Countries: India

 

International Suppliers:

 

·       Raymond                  India

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                QR 9,000,000                            QR 9,675,000

 

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 Qatar Ltd (QSC)

PO Box: 3232

Doha

Tel: (974) 44490222

Fax: (974) 44438182

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              July 2008

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is deemed admissible.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.23

UK Pound

1

Rs.82.87

Euro

1

Rs.69.13

 

 

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.