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MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARTS INTERNATIONAL RETAILERS (MIDDLE EAST) FZE |
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Registered Office : |
Ajman Free Zone,
PO Box 8755 & 17990, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.10.2003 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import and Export of General
Foodstuff, Beverages and Non-Alcoholic Drinks |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HARTS INTERNATIONAL RETAILERS (MIDDLE EAST) FZE
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 5th October 2003
Trade Licence Number : 459, Ajman Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 2
Activities : Import and export of general foodstuff, beverages and non-alcoholic drinks
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
HARTS INTERNATIONAL
RETAILERS (MIDDLE EAST) FZE
ADDRESS
Registered &
Physical Address
Location : Ajman Free Zone
PO Box : 8755
& 17990
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7473875
/ 7425067
Facsimile : (971-6) 7473876
Premises
Subject operates
from a small suite of offices that are rented and located in Ajman Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Robert
Peter British Managing
Director
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Richard
William British Director
LEGAL FORM & OWNERS
Date of Establishment : 5th
October 2003
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 459, Ajman Free Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s)
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Robert
Peter
·
Richard
William
OPERATIONS
Activities: Engaged in the import
and export of general foodstuff, beverages and non-alcoholic drinks.
Subject has a
workforce of 2 employees.
FINANCIAL DATA
Companies
registered in Ajman, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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HSBC Bank
Middle East
Main Branch
Ajman
Tel : (971-6) 5537222
Fax : (971-6) 5537880
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.
Local sources have made
several attempts to contact the subject but have been unsuccessful.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)