MIRA INFORM
REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
HYDAM INTERNATIONAL GENERAL TRADING LLC |
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Registered Office : |
Nasriyah
Building, 1st Floor, Suite No. 130, Damascus Street, Al Qusais
Area P O Box 19938, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.10.2005 |
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Com. Reg. No.: |
76643, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of carpets, rugs, wooden and vinyl flooring, staircases, banisters, doors, windows and skylights. |
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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : HYDAM INTERNATIONAL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th October 2005
Commercial Registration Number : 76643, Dubai
Trade Licence Number : 574133
Chamber Membership Number : 101647
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Distributors of carpets, rugs, wooden and vinyl flooring, staircases,
banisters, doors, windows and skylights.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
HYDAM INTERNATIONAL GENERAL TRADING LLC
company ADDRESS
Registered & Physical Address
Building : Nasriyah Building, 1st
Floor, Suite No. 130
Street : Damascus Street
Area : Al Qusais Area
PO Box : 19938
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2580488 / 2580688 / 2580699
Facsimile : (971-4) 2580722
Email : hydam@eim.ae
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
·
Mohamed
Omranuddin Farouqi Mohamed Indian Managing Director
·
Ali
Ahmed Ali Abdullah Sherook Emirati Director
·
Shahran
Bin Ahmed - Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
October 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 76643, Dubai
Trade Licence No. : 574133
(Expires 11/10/2011)
Chamber Member No. : 101647
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ali
Ahmed Ali Abdullah Sherook 51%
·
Mohamed
Omranuddin Farouqi Mohamed 49%
OPERATIONS
Activities: Engaged in the import and distribution of
carpets, rugs, wooden and vinyl flooring, staircases, banisters, doors, windows
and skylights.
Import
Countries: Europe and the
Far East.
Brand Names: ARMSTRONG, DESSO, FSC-NESITE, RESPONSIVE,
OBJECT, ADMONTER VITO and GRANDE
FORGE
Operating Trend: Steady
Subject has a
workforce of 8 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh 9,400,000 UAE Dh 10,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Acc No. 020-823589-001
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.40 |
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|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.