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Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
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Name : |
APSARA TEXTILES LLC |
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Registered Office : |
Oriental House No. 1, Bank Street, Bur Dubai, PO Box : 13147, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.10.1981 |
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Com. Reg. No.: |
43356, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the wholesale and retail of textiles and
fabrics. |
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No. of Employees : |
75 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
UNITED ARAB
EMIRATES - 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 country 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. 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 :
APSARA TEXTILES LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th October 1981
Commercial Registration Number :
43356, Dubai
Trade Licence Number : 202864
Chamber Membership Number :
8452
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
75
Activities :
Wholesalers and retailers of textiles and fabrics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Gamal Eddine Vitta, Finance Manager
APSARA TEXTILES
LLC
Registered &
Physical Address
Building : Oriental House No. 1
Street : Bank Street
Area :
Bur Dubai
PO Box : 13147
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3979670
/ 3535733
Facsimile : (971-4)
3979671 / 3533135
Email : mail@apsaragroup.com
Please note that subject’s previous address was, Geebee
Trading Building, 4th Floor, Office No. 17, Al Fahidi
Street, Dubai. Subject moved to the above address in November 2011.
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Al Sabaka Street Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2261561
Deira Rented
showroom premises
Dubai
Tel: (971-4) 2267982
Al Fahidi Street Rented
showroom premises
Dubai
Tel: (971-4) 3535969
Al Shorfa Building Rented
showroom premises
Bur Dubai
Dubai
Tel: (971-4) 3537524
Fax: (971-4) 3530054
Rolla Market Rented
showroom premises
Sharjah
Al Ain Rented
showroom premises
Name Nationality Position
Abdullah Mohamed Hanifa Indian Managing
Director
Abdullah Ahmed Indian Director
Sheikh Suhail Ali Saeed
Rashid Al Maktoum Emirati Director
Ibrahim Ahmad Bu Sharrain Emirati Director
Suresh Babu - General
Manager
Gamal Eddine Vitta - Finance
Manager
Sanandan Deepak - Financial
Controller
Date of Establishment : 5th October 1981
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 43356, Dubai
Trade Licence No. : 202864
Chamber Member No. : 8452
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Sheikh Suhail Ali Saeed
Rashid Al Maktoum
Ibrahim Ahmad Bu Sharrain
Abdullah Ahmed
Abdullah Mohamed Hanifa
Ms Jamshina Pocker
Apsara Textiles Ltd
Rolla Street
Al Gowair Area
PO Box: 5210
Sharjah
Tel: (971-6) 5618542 / 5616306
Fax: (971-6) 5618542 / 5616306
Anumpama Textorium
Sharjah
Apsara Palace LLC
Dubai
Apsara Palace LLC
Al Ain
Apsara Supermarket Department Store LLC
Dubai
Activities: Engaged in the
wholesale and retail of textiles and fabrics.
Import Countries: Japan,
India, Thailand, Indonesia and Europe.
Operating Trend: Steady
Subject has a workforce of 75 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 57,500,000 UAE Dh
61,850,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Gamal Eddine Vitta,
Finance Manager
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
No complaints regarding subject’s payments have been reported.
Established in 1981, Apsara Textiles LLC has
gained a good reputation within the local market. The company specialises in the import, wholesale and retail of textiles
and fabrics.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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|
Report Prepared by
: |
NNA |
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 |
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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 |
|
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 |
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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 |
|
<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.