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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
HUSSAIN GENERAL TRADING EST |
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Registered Office : |
Heirs of Hamad Bin Juma Al Maktoum Building Naif Street Naif, Deira PO
Box 11244 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.08.1980 |
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Com. Reg. No.: |
5888, Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of furniture, household fabrics and curtains. |
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No. of Employees : |
55 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the country
has undergone a profound transformation from an impoverished region of small
desert principalities to a modern state with a high standard of living. The
government has increased spending on job creation and infrastructure expansion
and is opening up utilities to greater private sector involvement. In April
2004, the UAE signed a Trade and Investment Framework Agreement with Washington
and in November 2004 agreed to undertake negotiations toward a Free Trade
Agreement with the US; however, those talks have not moved forward. The
country's Free Trade Zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis, tight
international credit, and deflated asset prices constricted the economy in
2009. UAE authorities tried to blunt the crisis by increasing spending and
boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it
was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment
Source
: CIA
Company Name : HUSSAIN GENERAL TRADING EST
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 19th August 1980
Commercial Registration Number : 5888, Dubai
Trade Licence Number : 202940
Chamber Membership Number : 6902
Invested Capital : UAE Dh 200,000
Total Workforce : 55
Activities : Distributors of furniture, household fabrics and curtains.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajendra Nathan, Finance Manager
HUSSAIN GENERAL TRADING EST
Building : Heirs of Hamad
Bin Juma Al Maktoum Building
Street : Naif Street
Area : Naif, Deira
PO Box : 11244
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2232490
/ 2236498
Facsimile : (971-4)
2275594
Email : info@hussain.ae
/ hgtest@emirates.net.ae
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
Branch Offices
Location Description
· Al Ain Showroom
premises
Tel: (971-3)
7220017
Fax: (971-3)
7220049
Name Position
· Hussain Mohamed
Hussain Al Marzouqi Proprietor
& General Manager
· Samir Hussain
Mohamed Hussain Al Marzouqi Assistant General Manager
· Yousef Shareed Marketing
Manager
· Rajendra Nathan Finance
Manager
· Hashed Mohamed Assistant
Finance Manager
Date of
Establishment : 19th
August 1980
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 5888, Dubai
Trade Licence No. : 202940 (Expires 13/08/2013)
Chamber Member No. : 6902
Invested Capital : UAE Dh 200,000
Mr Hussain Mohamed Hussain Al Marzouqi is the sole proprietor of the
business.
· Hussain Mohamed
Hussain Furniture
King Abdul Aziz
Road
Sharjah
Tel: (971-6)
5339910
Fax: (971-6)
5339902
· Floortex
Furnishing
Naif Road
Dubai
Tel: (971-4)
2610039
Fax: (971-4)
2231287
· Housetex
Furnishing
Naif Road
Dubai
Tel: (971-4)
2210966
Fax: (971-4) 2215044
· Emirates House
Furniture
Naif Road
Dubai
Tel: (971-4)
2723003
Fax : (971-4)
2730270
· Zabeel Furniture
Karama
Dubai
Tel: (971-4)
3365570
Fax: (971-4)
3366693
· Gulf Upholstery
Abu Dhabi
Tel: (971-2)
6423995
Fax : (971-2)
6425576
Activities: Engaged in the import and distribution of furniture, household fabrics
and curtains.
Subject are exclusive distributors of Micro fibres Velvets (Micro fibres
Belgium), Spain Canvas (S.A.
Recasons) and German Fire Retardant Leathers (ATN).
Import Countries: Spain, Netherlands, Italy, Turkey, South Korea,
Belgium, India, Pakistan, Taiwan, Indonesia,
China and United States of America.
Operating Trend: Steady
Subject has a workforce of 55 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 48,600,000 UAE Dh
53,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Rajendra Nathan, Finance Manager
·
Abu Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4)
2958888 / 3228141
Fax: (971-4)
2959310 / 3279632
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.