MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZULFIQAR HAMI TRADING LLC |
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Registered Office : |
Abdullah Khamis Alhello Building, Sikkat Al Khail Street, Al Bateen,
PO Box 29485, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.07.1996 |
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Com. Reg. No.: |
47305, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of ready made garments, footwear, perfumes,
cosmetics, leather products and gift items. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ZULFIQAR HAMI TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th July 1996
Commercial Registration Number : 47305, Dubai
Trade Licence Number : 242856
Membership Number : 39468
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Line of Business : Distributors of ready made garments, footwear, perfumes,
cosmetics, leather products and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ZULFIQAR HAMI TRADING LLC
ADDRESS
Registered & Physical Address
Building : Abdullah Khamis
Alhello Building
Street : Sikkat Al
Khail Street
Area : Al Bateen
PO Box : 29485
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2266284
Facsimile : (971-4)
2290914
Email : hami@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.
KEY PRINCIPALS
Name Nationality Position
· Yousuf Ghulam
Abbas Attarwala Indian Managing Director
· Zulfiqar Ali
Ghulam Abbas Hami Indian Director
· Saeed Ahmad Rashid
Shabib Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 27th
July 1996
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 47305, Dubai
Trade Licence No. : 242856 (Expires 26th July 2009)
Membership No. : 39468
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Saeed Ahmad Rashid
Shabib 51%
· Yousuf Ghulam
Abbas Attarwala 25%
· Zulfiqar Ali
Ghulam Abbas Hami 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 ready made garments,
footwear, perfumes,
cosmetics, leather products and gift items.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 5 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 9,380,000 UAE
Dh 10,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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National Bank of Ras Al Khaimah
PO Box :
1531
Dubai
Tel :
(971-4) 2226291
Fax :
(971-4) 2281312
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1996, subject is involved in the import and distribution
of ready made garments, footwear, perfumes, cosmetics, leather products and
gift items.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
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%)