MIRA
INFORM REPORT
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Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
HANOVER INTERNATIONAL TRADING COMPANY LLC |
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Registered Office : |
Industrial Area No. 17, PO Box 24309,
Sharjah |
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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 : |
15.07.1997 |
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Com. Reg. No.: |
30409, Sharjah |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of General
Foodstuff Products |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HANOVER INTERNATIONAL TRADING COMPANY LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th July 1997
Commercial Registration Number : 30409, Sharjah
Trade Licence Number : 122560
Chamber Membership Number : 40330
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 50
Activities : Import and distribution of general foodstuff products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
HANOVER
INTERNATIONAL TRADING COMPANY LLC
ADDRESS
Registered & Physical Address
Location : Industrial Area No. 17
PO Box : 24309
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5352212
Facsimile : (971-6) 5352012
Email : razak@hanover.ae
Premises
Subject operates from
a medium sized suite of offices and a warehouse that are rented and located in
the Industrial Area of Sharjah.
Branch Office
(s)
Location Description
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Bank Melli
Iran Building, 2nd Floor, Flat No. 22 Rented office premises
Bank Street
Sharjah
Tel: (971-6) 5352014 / 5352015
/ 5396773 / 5396775
Fax: (971-6) 5396774
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Mussafah
Industrial Area Rented
sales office & warehouse
Abu Dhabi
Tel: (971-2) 5552259
Fax: (971-2) 5551597
KEY PRINCIPALS
Name Nationality Position
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Sheikh
Abdulrahman Bin Mohamed Emirati Managing Director
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Razaq
Lankat Indian Director
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Ashraf
Lankat Indian Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
July 1997
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 30409, Sharjah
Trade Licence No. : 122560 (Expires 12/07/2009)
Chamber Member No. : 40330
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Sheikh
Abdulrahman Bin Mohamed 51%
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Razaq
Lankat 25%
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Ashraf
Lankat 24%
AFFILIATED COMPANIES
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Hanover
Advertising LLC
Sharjah
United Arab Emirates
Tel: (971-6) 5732277
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuff products, including frozen foods,
seafood, meat, poultry and vegetables.
Import
Countries: India, Thailand,
Taiwan, Sri Lanka and China
Operating Trend: Steady
Subject has a
workforce of 50 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
14,300,000 UAE Dh
17,250,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Habib Bank Ltd
PO Box : 300
Sharjah
Tel : (971-6) 5356116
Fax : (971-6) 5526473
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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%)