MIRA
INFORM REPORT
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Report Date : |
05.10.2007 |
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,
P O Box 1421, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
13th June 1972 |
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Com. Reg. No.: |
489, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of all varieties of tea. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : BHARMAL TRADERS
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 13th June 1972
Commercial Registration Number :
489,
Trade Licence Number : 208838
Membership Number : 947
Invested Capital : UAE Dh 100,000
Total Workforce : 10
Line of Business : Distributors of all varieties of tea.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
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 :
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 2008)
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
31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,080,000 UAE Dh
3,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Habib
Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax
: (971-4) 2284631
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The
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
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National
Bank of Fujairah
PO Box 2979
Dubai
Tel : (971-4) 3971700 / 5078300
Fax : (971-4) 3979100 / 3973922
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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
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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. |
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%)