MIRA
INFORM REPORT
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Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HASSAN MUKHTAR & BROS LLC |
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Registered Office : |
Abdullah Ahmad Al Fahd Building, Al Qusais Industrial Area, PO Box 18,
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 : |
30.10.1968 |
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Com. Reg. No.: |
43875, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Import and
Distribution of Consumer Goods |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HASSAN MUKHTAR &
BROS LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 30th
October 1968
Commercial
Registration Number : 43875,
Dubai
Trade Licence Number : 207436
Chamber Membership
Number : 327
Issued Capital : UAE Dh
4,000,000
Paid up Capital : UAE Dh
4,000,000
Total Workforce : 50
Activities :
Import and distribution of consumer goods
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 400,000
COMPANY NAME
HASSAN MUKHTAR & BROS LLC
ADDRESS
Registered & Physical Address
Building : Abdullah
Ahmad Al Fahd Building
Area : Al Qusais
Industrial Area
PO Box : 18
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3474499
Facsimile : (971-4)
3474117
Mobile : (971-50)
Email : faisala@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Dubai.
Branch Office (s)
Location Description
· Abu Dhabi Sales
office & warehouse
Tel: (971-2) 6731323
KEY PRINCIPALS
Name Nationality Position
· Faisal
Ali Mukhtar Emirati Managing
Director
· Mohamed
Hassan Mukhtar Emirati Director
· Alister Stevens British Chief
Executive Officer
· Anjum Raza - General
Manager
· Yawar
Abbass - Finance
Manager
· Ms Bindhu
Mascarenhas - Export
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 30th
October 1968
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 43875, Dubai
Trade Licence No. : 207436
Chamber Member No. : 327
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Name of Shareholder (s) Percentage
· Heirs of Hassan
Mukhtar Hassan Al Yousuf 50%
· Heirs of Ali
Mukhtar Hassan Al Yousuf 50%
OPERATIONS
Activities: Engaged in the import and distribution of consumer goods serving over
2,000 outlets throughout the
country.
Import Countries: United Kingdom, France, and the United States of
America.
Operating Trend: Steady
Subject has a workforce of 50 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 16,000,000 UAE Dh
18,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
National Bank of Dubai (NBD)
Baniyas Street
PO Box :
777
Dubai
Tel :
(971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk.
The financial information contained within this report has been verified
by Yawar Abbass – Finance 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%)