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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
TOWELL MATTRESS & FURNITURE INDUSTRY LLC |
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Registered Office : |
Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.02.2003 |
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Com. Reg. No.: |
44542, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of mattress springs, sofas, pillows and foam products. |
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No. of Employees : |
250 |
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 : |
Good |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 : TOWELL MATTRESS & FURNITURE INDUSTRY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 26th February 2003
Commercial Registration Number : 44542, Sharjah
Trade Licence Number : 507345
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Total Workforce : 250
Activities : Manufacturers of mattress springs, sofas, pillows and foam products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shiva Nandi Thevar, Commercial Manager
TOWELL MATTRESS & FURNITURE INDUSTRY LLC
Location : Industrial
Area No. 15
PO Box : 28958
Town : Sharjah
Country :
Telephone : (971-6) 5340484
Facsimile : (971-6)
5340485
Email : tmfishj@emirates.net.ae
/ shiva@towellmattress.ae
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Sharjah.
Name Position
· Ashok Sharma Chief
Executive Officer
· Shiva Nandi Thevar Commercial
Manager
· David Nixon Marketing
Manager
· N G Subarayan Finance
Manager
Date of
Establishment : 26th
February 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 44542, Sharjah
Trade Licence No. : 507345
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
· W J Towell &
Co LLC 100%
W J
Bank
Muttrah Business
District
PO Box: 1040
Tel: (968) 24708304 / 24708308
Fax: (968) 24793882 / 24794367
· Taylor Woodrow -
Towell Co LLC
· Brown & Root
Mid
· General Electric
& Trading Co LLC (Genetco)
· Jotun Paints &
Co LLC
· Premix LLC
· Readymix LLC
· Oman National
Dairy Products Co SAOG
· Oman International
Development Co LLC
· Cold Storage &
Trading Co LLC
· Towell
Lever LLC
· Granherne & Co
LLC
· Housetex Co Ltd
· Al Fajer
Furnishing Co LLC
· Towell Auto Centre
· Middle East
Telecommunication Company LLC
· Towell Construction
& Maintenance Co LLC
· Environmental
Services LLC
· Matrah Cold Stores
LLC
· Modern Cleaning
Services
· Towell Barwil Co
LLC
· Mazoon Printing
Press
· Towell Tools &
Engineering Co LLC
Activities: Engaged in the manufacture of mattress springs, sofas, pillows and foam
products.
Import Countries:
Brand Names: TOWELL SPRING, SPRING WALL, SPRING AIR and
Operating Trend: Steady
Subject has a workforce of approximately 250 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 87,600,000 UAE Dh
95,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Shiva Nandi Thevar, Commercial
Manager
·
National Bank of Sharjah
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
No complaints regarding subject’s payments have been reported.
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.54.88 |
|
|
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.