MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HATTA FORT TRADING LLC |
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Registered Office : |
Al Fardan Real Estate Building, Shop No. 7, Al Fahidi Street,
Al Souq Al Kabir, P O Box – 44303, 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 : |
08.05.2002 |
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Com. Reg. No.: |
59300, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Textiles, Blankets, Towels and Linen, Ready
Made Garments, Footwear, Perfumes and Cosmetics, Jewellery, Suitcases and
Travel Requisites |
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 :
HATTA FORT TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
8th May 2002
Commercial Registration Number :
59300, Dubai
Trade Licence Number :
534012
Chamber Membership Number :
68842
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
6
Activities :
Import and distribution of textiles, blankets, towels and linen, ready
Made garments, footwear, perfumes and
cosmetics, jewellery,
suitcases and travel requisites
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit :
US$ 150,000
COMPANY NAME
HATTA FORT TRADING LLC
ADDRESS
Registered & Physical Address
Building : Al Fardan
Real Estate Building, Shop No. 7
Street : Al Fahidi
Street
Area : Al Souq Al
Kabir
PO Box : 44303
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3533184
Facsimile : (971-4)
3334824
Email : hatafort@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.
Branch Office (s)
Location Description
Ahmed Ramdan Juma Building, Flat No. 310 Rented
office premises
Naif Road
Deira
Dubai
Tel: (971-4) 2723236
Fax: (971-4) 2723528
KEY PRINCIPALS
Name Nationality Position
Afroz Ashraf Vadhariya Indian Managing Director
Jodil Altaf Younis Indian Director
Abdullah Ahmed Kayed Abdullah Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 8th
May 2002
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 59300, Dubai
Trade Licence No. : 534012 (Expires
07/05/2009)
Chamber Member No. : 68842
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Abdullah Ahmed Kayed Abdullah 51%
Afroz Ashraf Vadhariya 25%
Jodil Altaf Younis 24%
OPERATIONS
Activities: Engaged in the import and distribution of textiles, blankets, towels
and linen, ready made garments,
footwear, perfumes and cosmetics, jewellery, suitcases and travel
requisites.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 6 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 7,600,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
National Bank of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
The Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4) 3520455
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2002, subject is involved in the import and distribution
of textiles, ready made garments, footwear, perfumes and cosmetics, jewellery
and luggage.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk. As such the above
credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)