|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
APSARA TEXTILES
LLC |
|
|
|
|
Registered Office : |
Oriental House No. 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.10.1981 |
|
|
|
|
Com. Reg. No.: |
43356, |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the wholesale and retail of textiles and fabrics. |
|
|
|
|
No of Employees : |
75 |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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
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.
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
· Jashmina Sarfaraz
Nawaz Pocker Indian Director
· Abdullah Ibrahim
Bu Sharrin 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 (Expires 06/10/2015)
Chamber Member No. : 8452
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Abdullah Ibrahim
Bu Sharrin 51%
· Abdullah Mohamed
Hanifa ]
] 49%
· Jashmina Sarfaraz
Nawaz 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, South Korea, Indonesia and
Europe.
International
Suppliers:
·
Lucky Tex South
Korea
·
Sing Kwang
Co Thailand
·
Shaoxing Rend Trading Co China
·
Olive Trading Tex India
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.61.89 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.