MIRA INFORM
REPORT
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Report Date : |
28.01.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
HARSH FASHION LLC |
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Registered Office : |
Abdulraziq Ali Al |
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Country : |
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Date of Incorporation : |
23.02.2003 |
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Com. Reg. No.: |
1022062 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading, Wholesalers, Distributors and Retailers of readymade Garments
and Textiles |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Dh 200,000 |
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Status : |
Small Company |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
Company name and address
Harsh Fashion LLC
(Correct)
HARSH FASHION
(Requested)
ADDRESS
Building : Abdulraziq Ali Al
Street :
Area : Deira Area, behind
Al Khalas Hotel, Opposite Souq Al Mari
P.O. Box : 64811
Town :
Country :
Telephone: (971 4) 225 6551
Fax : (971 4) 225 9951
Trading Style : Harsh Fashion
SENIOR COMPANY PERSONNEL
Name Position
1. Hasmouk Baheem Raj Soulanky
Managing Director
2. Ratan Mohnani General
Manager
Total Employees : 6
PAYMENTS
No complaints have been heard regarding payments from local suppliers or
banks.
We consider it is acceptable to deal with subject for SMALL amounts.
Opinion on maximum credit: Dh 200,000
Trade risk assessment:
PRINCIPAL BANKERS
NAME : RAK BANK
Branch : Deira
Branch
PO Box : 1531
Town :
Telephone: (971 4) 224 8000
Fax : (971 4) 222
3738
FINANCIAL INFORMATION
Private companies in
Sales Turnover: Dh 8,000,000 - 2009 - exact
: Dh
9,000,000 – 2010 – exact
Net Profit : not given but stated to be profitable.
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 23 February 2003
C.R. No. : 1022062
DCCI Membership No : 75608
Trade Licence No. : 542403 (expiry date: 22 February 2011)
Authorised Capital : Dh 300,000
Paid-Up Capital : Dh 300,000
Limited Liability Company with the following shareholders:
Percentage
1. Hasmouk Baheem Raj Soulanky 49%
(Indian national)
2. Khaled Ateeq Bilal Rabea Maramah
* 51%
(UAE national)
* The local sponsor, according to UAE laws
must hold a minimum of 51% of the capital, however, in practice and
unofficially the sponsor gets a fixed annual percentage of the profit and a
sponsorship fee without any investment in the company.
ACTIVITIES
The Company is involved in the following activities:
Trading as wholesalers, distributors and
retailers of readymade garments and textiles.Imports mainly from
Subject does not export all sales are local.
FACILITIES
The Company has the following facilities:
Rented premises comprising administrative office premises located at the
heading address as well as 2 retail shop/branch offices located elsewhere in
UAE (see "Branch Offices" below).
BRANCH OFFICES
Abdullah
Saad Al
Deira Area
Telephone
: (971 4) 235 4723
Fax : (971 4) 225 9951
Est. 15
February 2007
C.R. No. :
1022062
Trade
Licence No. : 591537 (expiry date: 14 February 2011)
2. Harsh Fashion LLC (Branch)
Abdullah Saad Al
Al Buteen Area
Telephone : (971 4) 235 4723
Fax : (971 4) 235 4706
Est. 16 November 2007
C.R. No. : 1022062
Trade Licence No. : 602643
(expiry date: 5 November 2011)
SPECIAL NOTE
The address which you provided:
Interviewed: Ratan Mohnani (General
Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.57 |
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1 |
Rs.72.50 |
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Euro |
1 |
Rs.62.46 |
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 Company |
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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.