MIRA INFORM REPORT
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Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
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Name : |
HAPPY FUTURE TRADING LLC |
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Registered Office : |
Al
Mariam Building, Office No. 301, Al Dhaghaya Street, Deira, P O Box 171721, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.10.1987 |
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Com. Reg. No.: |
45613, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of readymade garments, textiles and fabric coated paper |
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No. of Employees
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02 |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company Name : HAPPY FUTURE TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th October 1987
Commercial Registration Number : 45613, Dubai
Trade Licence Number : 215564
Chamber Membership Number : 12633
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 2
Activities : Wholesale and retail of readymade garments, textiles and fabric coated
paper.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Ashraf Behai Lakad Arshad, Managing Director
HAPPY FUTURE TRADING LLC
Registered &
Physical Address
Building : Al
Mariam Building, Office No. 301
Street : Al Dhaghaya Street
Area : Deira
PO Box : 171721
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267272
Facsimile : (971-4) 2267272
Mobile : (971-50) 6569763
Email : irshadbawa@gmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Ashraf
Behai Lakad Arshad Indian Managing
Director
·
Saeed
Abdullah Ahmed Al Muathen Emirati Director
Date of Establishment : 13th
October 1987
History : Subject was originally established in 1987
under the name of “Khalid And Faisal Trading
Company” and owned by the following
shareholders:
1. Khalid Ibrahim
2. Faisal Hadi Yonas
However in 2008, the
company was sold to the current shareholders who re-registered the subject with
the new name “Happy Future
Trading LLC”
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 45613, Dubai
Trade Licence No. : 215564
Chamber Member No. : 12633
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Saeed
Abdullah Ahmed Al Muathen 51%
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Ashraf
Behai Lakad Arshad 49%
Activities: Engaged in the wholesale and retail of
readymade garments, textiles and fabric coated paper.
Import
Countries: India and China
Operating Trend: Steady
Subject has a
workforce of 2 employees.
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh 7,600,000 UAE Dh 8,100,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ashraf Behai Lakad Arshad,
Managing Director
·
Habib
Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
No complaints
regarding subject’s payments have been reported.
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.49.07 |
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UK Pound |
1 |
Rs.77.19 |
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Euro |
1 |
Rs.65.57 |
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.