MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
HAMMIL TRADING
EST |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
21st May 2005 |
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Com. Reg. No.: |
535746, Sharjah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of ready made garments, footwear, jewellery, perfumes and
cosmetics. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HAMMIL TRADING EST
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 21st May 2005
Commercial Registration Number : 535746, Sharjah
Trade Licence Number : 535746
Membership Number : 68642
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of ready made garments, footwear,
jewellery, perfumes and cosmetics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HAMMIL TRADING EST
ADDRESS
Registered & Physical Address
Street : Al Rolla Street
Area : Al Ghurair Area
PO Box : 64329
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5636605
Facsimile : (971-6) 5636605
Mobile : (971-50) 5258917
Email : shanshiji@yahoo.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sharjah.
KEY PRINCIPALS
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Sayed
Farhan Ismail Proprietor
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Abu
Backer Mohamed Ismail General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 21st
May 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 535746,
Sharjah
Trade Licence No. : 535746
Membership No. : 68642
Invested Capital
: UAE Dh 100,000
Mr Sayed Farhan Ismail 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
ready made garments, footwear, jewellery, perfumes and cosmetics.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06 :
Total Revenue UAE Dh
3,200,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Abu
Dhabi Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
Acc No. 279743032001
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is owned and managed by Mr Sayed Farhan Ismail who is well respected in the local
business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
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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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%)