MIRA INFORM REPORT
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Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
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Name : |
BHARMAL
TRADERS |
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Registered Office : |
Mohamed Noor Al Khadim
Building, 1st Floor, Suite 123, Al Ras Street, Al Ras Area, 1421 Dubai,
United Arab Emirates |
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Date of Incorporation : |
13th
June 1972 |
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Com. Reg. No.: |
489,
Dubai |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Distributors of all
varieties of tea. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
BHARMAL TRADERS |
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Country of Origin |
Dubai, United Arab Emirates |
|
Legal Form |
Sole Proprietorship |
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Registration Date |
13th June 1972 |
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Commercial Registration Number |
489, Dubai |
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Trade Licence Number |
208838 |
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Membership Number |
947 |
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Invested Capital |
UAE Dh 100,000 |
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Total Workforce |
10 |
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Line of Business |
Distributors of all varieties of tea. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
BHARMAL TRADERS
ADDRESS
Registered & Physical Address
Building : Mohamed Noor Al Khadim Building, 1st Floor, Suite 123
Street : Al Ras Street
Area : Al Ras Area
PO Box : 1421
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2260015 / 2267961
Facsimile : (971-4) 2290139 / 2269914
Mobile : (971-50) 6544612
Email : bharmal@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Shabbir Ghulam Hussain Proprietor & General Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th June 1972
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 489, Dubai
Trade Licence No. : 208838 (Expires 28th March 2007)
Membership No. : 947
Invested Capital : UAE Dh 100,000
Mr Shabbir Ghulam Hussain is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
all varieties of tea, including tea leafs, tea dust, Indian tea, Ceylon tea,
East African tea, black & green tea, tea in consumer packs and tea in
chests. Subject also trades in general foodstuff products.
Import Countries: India, Kenya and Sri Lanka.
Export Countries: Iran and GCC States
Brand Names: BHARMAL TEA
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue UAE Dh 2,790,000 UAE Dh 3,080,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
The Standard Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
National Bank of Fujairah
PO Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction August 2002
Credit amount 30,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters of Credit
Paying record No Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 1972, subject is owned and managed by Mr Shabbir Ghulam Hussain who is well respected in the local business community.
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 business is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 150,000
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |