MIRA
INFORM REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HYCON INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
Ahmed Sadiq &
Sons Building, Khalid Ibn Al Waleed Street, Al Mankhool, PO Box 97646, 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 : |
15.05. 2006 |
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Com. Reg. No.: |
80809, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
General Traders, Specialising in Timber, MDF and Plywood. |
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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HYCON INTERNATIONAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th May 2006
Commercial Registration Number : 80809, Dubai
Trade Licence Number : 581348
Chamber Membership Number : 107530
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 11
Activities : General traders, specialising in timber, MDF and plywood.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 175,000
COMPANY NAME
HYCON INTERNATIONAL GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Ahmed Sadiq & Sons Building
Street : Khalid Ibn Al Waleed Street
Area : Al Mankhool
PO Box : 97646
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2718002 / 2717828
Facsimile : (971-4) 2713757
Mobile : (971-50) 2913751
Email : hycon-international@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Abdelrahman
Kalabota Fetel Indian Managing
Director
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Hassan Nasser
Ali Al Hawai Emirati Director
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Abdul
Qader Moosa - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 15th
May 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 80809, Dubai
Trade Licence No. : 581348
(Expires 14/05/2008)
Chamber Member No. : 107530
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Hassan Nasser
Ali Al Hawai 51%
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Abdelrahman
Kalabota Fetel 49%
OPERATIONS
Activities: Engaged as general traders, specialising in
timber, MDF and plywood.
Import
Countries: Malaysia,
Lebanon, Canada and Russia.
Subject has a
workforce of 11 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 9,145,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Abdul Qader Moosa,
General Manager.
BANKERS
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Arab Bank for
Investment and Foreign Trade
Benyas Street
PO Box : 5549
Dubai
Tel : (971-4) 2220152
Fax : (971-4) 2234311
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 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%)