MIRA
INFORM REPORT
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Report Date : |
18.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
H M
INTERNATIONAL |
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Registered Office : |
Sheikh
Zayed Road, Jebel Ali Free Zone, P. O. Box 48895, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
20.03.2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import
and distribution of air conditioning systems, communication equipment, tools
and hardware. |
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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Maximum Credit Limit : |
US$
70,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
SUMMARY
Company Name : H M INTERNATIONAL
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 20th March 2005
Trade Licence Number : 5984
Invested Capital : UAE Dh 500,000
Total Workforce : 2
Line of Business : Distributors of air conditioning systems, communication
equipment, tools and hardware.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
H M
INTERNATIONAL
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 48895
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3366990
Facsimile : (971-4) 3366990
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
·
Harish
Mukundan Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 20th March 2005
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Trade Licence No. : 5984
Invested
Capital : UAE Dh 500,000
Mr
Harish Mukundan 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 air conditioning systems, communication equipment,
tools and hardware.
Import
Countries :
Europe and GCC countries.
Subject
has a workforce of 2 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
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Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Acc No. 0494701562
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 70,000
RATING EXPLANATIONS
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RATING |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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