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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
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Name : |
HEMANI GENERAL TRADING LLC |
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Registered Office : |
Abdul Wahab Hussain Abdulkarim Building Al Ras Street Al Ras PO Box 64415 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 : |
26.06.1995 |
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Com. Reg. No.: |
45064, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and distributors of aromatherapy, hair care, herbal and massage products, herbs and spices, honey, herbal tea, perfume and skin care products. |
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No. of Employees : |
12 |
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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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 |
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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 |
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 : HEMANI GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th June 1995
Commercial Registration Number : 45064, Dubai
Trade Licence Number : 238224
Chamber Membership Number : 34504
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 12
Activities : Distributors of aromatherapy, hair care, herbal and massage products,
herbs and spices, honey, herbal tea, perfume and skin care products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
HEMANI GENERAL TRADING LLC
Building : Abdul Wahab
Hussain Abdulkarim Building
Street : Al Ras
Street
Area : Al Ras
PO Box : 64415
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2947430
/ 2257428
Facsimile : (971-4)
2947605 / 2257427
Mobile : (971-50)
2807391
Email : hemanihb@eim.ae / info@hemanitrading.ae
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Mustafa Mohamed
Hussain Pakistani Managing
Director
· Ruqaiya Mustafa Pakistani Director
· Amina Bhai Mohamed
Hussain Pakistani Director
· Mohamed Taher
Mostafi Hemani Pakistani Director
· Hasnain Mustafa
Mustafa Hemani Pakistani Director
· Hajar Habib Jaffar
Ali Mohamed Karim Emirati Director
Date of Establishment : 26th June 1995
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 45064, Dubai
Trade Licence No. : 238224 (Expires 25/06/2014)
Chamber Member No. : 34504
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
· Hajar Habib Jaffar
Ali Mohamed Karim 51%
· Mustafa Mohamed
Hussain 19%
· Ruqaiya Mustafa 11%
· Amina Bhai Mohamed
Hussain 8%
· Mohamed Taher
Mostafi Hemani 8%
· Hasnain Mustafa Mustafa
Hemani 3%
Activities: Engaged in the import and distribution of aromatherapy, hair care,
herbal and massage products, herbs and spices, honey, herbal tea, perfume and
skin care products.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 12 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 12,625,000 UAE Dh
13,050,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.22 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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 |
|
-- |
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.