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Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
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Name : |
MEGA CARPET FACTORY LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
23.05.1999 |
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Com. Reg. No.: |
52811 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of carpets and rugs |
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No. of Employees : |
185 |
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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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 – September 30, 2011
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company Name :
MEGA CARPET FACTORY LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
23rd May 1999
Commercial Registration Number :
52811,
Trade Licence Number :
512018
Chamber Membership Number :
54618
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
185
Activities :
Manufacture of carpets and rugs
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
K A Sajesh, Finance Manager
MEGA CARPET FACTORY LLC
Registered &
Physical Address
Location :
PO Box : 33265
Town :
Country :
Telephone : (971-4) 8856727
Facsimile : (971-4)
8856727
Email : info@megacarpets.com
/ ahrarli@emirates.net.ae
Please note that subject’s previous address was, Plot No. 622, Gate No.
7, R/A No. 12,
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Branch Office (s)
Location Description
Al Quoz Industrial Area Factory
premises
Tel: (971-4) 3477552
Fax: (971-4) 3477079
Name Nationality Position
Nasretullah Ahrarli Turkish Managing
Director
Mohamed Bin Abdullah Bin Saif Al Suwaidi Emirati Director
Nazir Zalejo - General
Manager
K A Sajesh - Finance
Manager
Mohamed Rafiq - Business Development
Manager
Date of Establishment: 23rd May 1999
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 52811,
Trade Licence No. : 512018
Chamber Member No.: 54618
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Mohamed Bin Abdullah Bin Saif Al Suwaidi 51%
Nasretullah Ahrarli 49%
Mega Carpet FZE
Jebel Ali Free Zone
Tel: (971-4) 8833440
Fax: (971-4) 8833441
Lic. No. : 3015
Activities: Engaged in the manufacture of carpets
and rugs, specialising in PP yarns, area rugs, and broadloom carpets. Products are available
in various fibres, 100% wool, 100% acrylic, 100% manmade silk, 100%
polypropylene.
Mega Carpets is a
member of the World Floor Covering Association.
Import Countries: Europe and the
Export Countries: Subject exports
throughout the GCC region and
Operating Trend: Steady
Subject has a workforce of approximately 185 employees.
Financial highlights provided by local sources are given below:
Currency:
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales UAE
Dh 61,700,000 UAE Dh
67,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr K A Sajesh, Finance Manager
HSBC Bank
Deira Souk Branch
PO Box: 66
Tel: (971-4) 2535000
No complaints regarding subject’s payments have been reported.
Date of transaction September
2007 August 2008
Credit amount 169,000 150,000
Amount overdue 0 0
Payment terms 120
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling
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 |
|
US Dollar |
1 |
Rs.55.36 |
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|
1 |
Rs.85.64 |
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Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.