MIRA
INFORM REPORT
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Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARMONY GENERAL TRADING LLC |
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Registered Office : |
Sayed Sharaf Salman Ali Building, Ali Ibn Abi Talib Street, Al Souq Al
Kabir, PO Box 122580, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.01.2002 |
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Com. Reg. No.: |
58284, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Wholesale and
Retail of Foodstuff, Readymade Garments and Toys. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HARMONY GENERAL
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 16th
January 2002
Commercial Registration
Number : 58284, Dubai
Trade Licence Number : 531365
Chamber Membership
Number : 66735
Issued Capital : UAE Dh
450,000
Paid up Capital : UAE Dh
450,000
Total Workforce : 5
Activities :
Wholesale and retail of foodstuff, readymade garments
and toys.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 200,000
COMPANY NAME
HARMONY GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Sayed Sharaf
Salman Ali Building
Street : Ali Ibn Abi
Talib Street
Area : Al Souq Al
Kabir
PO Box : 122580
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3534666
/ 3531651
Facsimile : (971-4)
3532116
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Sayed Redha Mir
Mahmood Mousai Iranian Managing
Director
· Abbas Ali Salem
Almas Emirati Director
· Madan
Gopal Jahawar - General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 16th
January 2002
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 58284, Dubai
Trade Licence No. : 531365
Chamber Member No. : 66735
Issued Capital : UAE Dh 450,000
Paid up Capital : UAE Dh 450,000
Name of Shareholder (s) Percentage
· Abbas Ali Salem
Almas 51%
· Sayed Redha Mir
Mahmood Mousai 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of foodstuff,
readymade garments and toys.
Import Countries: Japan, Pakistan and India.
Operating Trend: Steady
Subject has a workforce of 5 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 8,000,000 UAE Dh
9,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib Bank AG Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4)
2214535
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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 company is considered to be a fair trade risk and
the above credit figure is within subject’s financial means.
The financial information contained within this report has been verified
by Madan Gopal Jahawar – General Manager.
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%)