.
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Report Date : |
28.01.2014 |
IDENTIFICATION DETAILS
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Name : |
TOWELL MATTRESS & FURNITURE INDUSTRY |
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Registered Office : |
Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2012 |
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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 : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the manufacture of mattress springs, sofas,
pillows and foam products. |
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No. of Employees : |
175 |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
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 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 : TOWELL MATTRESS & FURNITURE INDUSTRY
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th February 2003
Commercial Registration Number : 44542, Sharjah
Trade Licence Number : 507345
Invested Capital : UAE Dh 9,000,000
Total Workforce : 175
Activities : Manufacturers of mattress springs, sofas, pillows and foam products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : N G Subarayan, Finance Manager
TOWELL MATTRESS & FURNITURE INDUSTRY
Location : Industrial
Area No. 15
PO Box : 28958
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5340484
/ 5345484
Facsimile : (971-6)
5340485
Email : tmfishj@emirates.net.ae
/ shiva@towellmattress.ae
/ subbarayan@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
· Murtadha Ahmed Sultan Proprietor
· 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 : Sole
Proprietorship
Commercial Reg.
No. : 44542, Sharjah
Trade Licence No. : 507345
Invested Capital : UAE Dh 9,000,000
Mr Murtadha
Ahmed Sultan is the sole proprietor of the business.
· Taylor Woodrow -
Towell Co LLC
· W J Towell &
Co LLC
· Brown & Root
Mid East LLC
· 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: Europe and GCC countries.
Brand Names: TOWELL SPRING, SPRING WALL, SPRING AIR and WINDSOR
Operating Trend: Steady
Subject has a workforce of approximately 175 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 38,750,000 UAE Dh
40,900,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Shiva Nandi Thevar, Commercial
Manager
·
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel:
(971-6) 5547747
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.71 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.85.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
|
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.