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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SYMBOL MATTRESS INDUSTRIES LLC |
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Registered Office : |
Al Jurf Industrial Area PO Box 17271 Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.02.2006 |
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Com. Reg. No.: |
35847, Ajman |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of spring mattresses, divans, headboards, sofas and pillows. |
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No. of Employees : |
76 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
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 |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with
a high per capita income and a sizable annual trade surplus. Successful efforts
at economic diversification have reduced the portion of GDP based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the UAE has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US, however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound.
Dependence on oil, a large expatriate workforce, and growing inflation
pressures are significant long-term challenges. The UAE''s strategic plan for
the next few years focuses on diversification and creating more opportunities
for nationals through improved education and increased private sector
employment.
Source : CIA
Company Name : SYMBOL MATTRESS INDUSTRIES LLC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 4th February 2006
Commercial Registration Number : 35847, Ajman
Trade Licence Number : 4049
Chamber Membership Number : 44756
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 76
Activities : Manufacturers of spring mattresses, divans, headboards, sofas and pillows.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Awais, General Manager
SYMBOL MATTRESS INDUSTRIES LLC
Location : Al Jurf
Industrial Area
PO Box :
17271
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7482281
/ 7489066 / 7489015
Facsimile : (971-6)
7483754
Mobile : (971-50)
4823260
Email : dolcevita@diamondfoam.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Ajman.
Name Nationality
Position
· Mubasher Iftikhar Pakistani Managing
Director
· Shareq Iftikhar Pakistani Director
· Belal Ijaz Pakistani Director
· Muzamel Ijaz Pakistani Director
· Mohamed Abdullah
Ali Nasser Alwan Emirati Director
· Mohamed Awais - General
Manager
· Kamran Ahmad
Khaleel - Sales
Manager
Date of
Establishment : 4th
February 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 35847, Ajman
Trade Licence No. : 4049
Chamber Member No. : 44756
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Mubasher Iftikhar
· Shareq Iftikhar
· Belal Ijaz
· Muzamel Ijaz
· Mohamed Abdullah
Ali Nasser Alwan
Activities: Engaged in the manufacture of spring mattresses, divans, headboards,
sofas and pillows.
Import Countries: United States of America.
International Suppliers:
· Englander United States of
America
· Dolcevita United States of America
Operating Trend: Steady
Subject has a workforce of 76 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 16,850,000 UAE Dh
17,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Awais, General Manager
·
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6)
5537880
No complaints regarding subject’s payments have been reported.
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.53.04 |
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1 |
Rs.84.83 |
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Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.