MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
HATTA FORT
TRADING LLC |
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Registered Office : |
Al Fardan Real
Estate Building, Shop No. 7, Al Fahidi Street, Al Souq Al Kabir, P O Box
44303, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
8th May 2002 |
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Com. Reg. No.: |
59300, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and
distribution of textiles, blankets, towels and linen, ready made garments,
footwear, perfumes and cosmetics, jewellery, suitcases and travel requisites. |
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$ 120,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : HATTA FORT TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th May 2002
Commercial Registration Number : 59300, Dubai
Trade Licence Number : 534012
Membership Number : 68842
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Distributors of textiles, ready made garments, footwear,
perfumes and cosmetics, jewellery and luggage.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HATTA FORT TRADING
LLC
ADDRESS
Registered & Physical Address
Building : Al Fardan Real Estate Building,
Shop No. 7
Street : Al Fahidi Street
Area : Al Souq Al Kabir
PO Box : 44303
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3533184
Facsimile : (971-4) 3334824
Email : hatafort@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Ahmed Ramdan Juma
Building, Flat No. 310 Rented
office premises
Naif Road
Deira
Dubai
Tel: (971-4) 2723236
Fax: (971-4) 2723528
KEY PRINCIPALS
Name Nationality Position
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Afroz Ashraf
Vadhariya Indian Managing Director
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Jodil Altaf
Younis Indian Director
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Abdullah Ahmed
Kayed Abdullah Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 8th
May 2002
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 59300, Dubai
Trade Licence No. : 534012
(Expires 7th May 2008)
Membership No. : 68842
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Abdullah Ahmed
Kayed Abdullah 51%
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Afroz Ashraf
Vadhariya 25%
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Jodil Altaf
Younis 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
textiles, blankets, towels and linen, ready made garments, footwear, perfumes
and cosmetics, jewellery, suitcases and travel requisites.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,470,000 UAE Dh 3,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel
: (971-4) 2222241
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The Standard
Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4) 3520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2002,
subject is involved in the import and distribution of textiles, ready made
garments, footwear, perfumes and cosmetics, jewellery and luggage.
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 company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 120,000
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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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%)