|
Report No. : |
319945 |
|
Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
FAMOUS FLOWER TEXTILE TRADING |
|
|
|
|
Registered Office : |
Al Jurf Industrial Area, PO Box 30631, Ajman |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
29.06.2008 |
|
|
|
|
Com. Reg. No.: |
51979 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the wholesale and retail of textiles, including bed sheets,
comforters and household linens. |
|
|
|
|
No. of Employees : |
5 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 :
FAMOUS FLOWER TEXTILE TRADING
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
29th June 2008
Commercial Registration Number :
51979, Ajman
Chamber Membership Number :
51449
Invested Capital : UAE Dh 80,000
Total Workforce :
5
Activities :
Wholesalers and retailers of textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Samieullah, Proprietor & General Manager
FAMOUS FLOWER TEXTILE TRADING
Registered &
Physical Address
Location : Al Jurf
Industrial Area
PO Box : 30631
Town : Ajman
Country : United Arab
Emirates
Telephone : (971-6) 7487573
Facsimile : (971-6)
7487576
Mobile : (971-50)
7709904
Email : famousflowertextiles@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Ajman.
Name Nationality Position
Mohamed Samieullah Pakistani Proprietor
& General Manager
Ahmed Awad Nasser Ahmed Al Tamimi Emirati Local Sponsor
Qaiser Mahmoud - Accountant
Mohamed Shuaib - Sales
Executive
Date of Establishment : 29th
June 2008
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 51979, Ajman
Chamber Member No. : 51449
Invested Capital : UAE Dh 80,000
Mr Mohamed Samieullah is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of textiles, including bed sheets,
comforters and household linens.
Import Countries: Europe and Pakistan.
International
Suppliers:
N R Industries Pakistan
United Textile Pakistan
Gulfraz Fabrics Pakistan
Brand Names: BRIGHT FLOWER,
PREMIER and TODAY
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 7,350,000 UAE Dh
9,635,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Samieullah, Proprietor
& 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.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the business is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.20 |
|
|
1 |
Rs.97.00 |
|
Euro |
1 |
Rs.69.34 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.