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MIRA
INFORM REPORT
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Report Date : |
20.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
HARCO MARKETING & TRADING LTD (HMT) |
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Registered Office : |
Sheikh Zayed Road, Shed No. 3, Jebel Ali Free Zone, PO Box 61367,
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.04.1997 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Import and
Distribution of Industrial Raw Materials as well as Computer Hardware and
Software |
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 : HARCO MARKETING &
TRADING LTD (HMT)
Country of Origin : Lebanon
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 29th
April 1997
Trade Licence Number : 1253
Chamber Membership
Number : 43684
Issued Capital : UAE Dh
950,000
Paid up Capital : UAE Dh
950,000
Total Workforce : 15
Activities :
Import and distribution of industrial raw materials as well as computer
hardware and software
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 150,000
COMPANY NAME
HARCO MARKETING & TRADING LTD (HMT)
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed
Road, Shed No. 3
Area : Jebel Ali
Free Zone
PO Box : 61367
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8837955
/ 8836420
Facsimile : (971-4)
8837954
Email : hmtdxb@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Joseph Antoun
Chamieh Lebanese Managing Director
LEGAL FORM & OWNERS
Date of
Establishment : 29th
April 1997
Legal Form : Subject is the
United Arab Emirates registered branch of Harco Marketing & Trading, a
Limited Liability
Company incorporated in Lebanon.
Harco Marketing & Trading in the United Arab Emirates, operates as a
Branch of a Foreign
Registered
Corporation with its registered office located at the following address :
Harco Marketing & Trading Sal
Housing Building, 2nd Floor
Camille Chamoun Street
Dekouaneh
Lebanon
Tel: (961-1) 683550
Fax: (961-1) 683551
A Branch
of a Foreign Registered Corporation is not a legal entity in its own
right. Responsibility for payments lays in the hands of the company
where it is
originally registered.
Under these circumstances, we strongly advise that any international
trade
credit should only be written under the name of the main company where
the
subject holds its registered office, in this case Lebanon
Trade Licence No. : 1253
Chamber Member No. : 43684
Issued Capital : UAE Dh 950,000
Paid up Capital : UAE Dh 950,000
OPERATIONS
Activities: Engaged in the import and distribution of industrial raw materials as
well as computer hardware and
software.
Import Countries: Europe and Asia
Subject has a workforce of 15 employees.
FINANCIAL DATA
Companies registered in Dubai, 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
·
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
Opinion on the credit figure of US$ 150,000:
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.
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%)