|
Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
BHARMAL TRADERS |
|
|
|
|
Registered Office : |
Mohamed Noor Al
Khadim Building, 1st Floor, Suite 123, Shop No. 1, Al Ras Street,
Al Ras Area, P O Box1421, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.06.1972 |
|
|
|
|
Com. Reg. No.: |
489, Dubai |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
importer and distributor of all varieties of tea,
including tea leafs, tea dust, Indian tea, Ceylon tea, East African tea,
black and green tea, tea in consumer packs and tea in chests. |
|
|
|
|
No. of Employees : |
04 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
United Arab Emirates 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 : BHARMAL TRADERS
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 13th June 1972
Commercial Registration Number : 489, Dubai
Trade Licence Number : 208838
Chamber Membership Number : 947
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Activities : Distributors of all varieties of tea.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Sadiq Ali, Sales Manager
BHARMAL TRADERS
Registered &
Physical Address
Building : Mohamed Noor Al Khadim Building, 1st
Floor, Suite 123, Shop No. 1
Street : Al Ras Street
Area : Al Ras Area
PO Box : 1421
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2260015 / 2267961
Facsimile : (971-4) 2290139 / 2269914
Mobile : (971-50) 6544612
Email : bharmal@emirates.net.ae
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 Position
·
Shabbir
Ghulam Hussain Proprietor
& General Manager
·
Fakhru Eddine Shabbir Ghulam Hussain Assistant
General Manager
·
Mohamed
Sadiq Ali Al Attari Sales
Manager
Date of Establishment : 13th
June 1972
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 489, Dubai
Trade Licence No. : 208838
(Expires 28/03/2014)
Chamber Member No. : 947
Invested Capital
: UAE Dh 100,000
Mr Shabbir Ghulam
Hussain is the sole proprietor of the business.
Activities: Engaged in the import and distribution of all
varieties of tea, including tea leafs, tea dust, Indian tea,
Ceylon tea, East African tea, black and green tea, tea in consumer packs
and tea in chests.
Import
Countries: India, Kenya and
Sri Lanka.
Export
Countries: Iran and GCC
countries.
Brand Names: BHARMAL TEA
Operating Trend: Steady
Subject has a
workforce of 4 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 Revenue UAE Dh 7,880,000 UAE Dh 8,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax:
(971-4) 2284631
·
Standard
Chartered Bank
Al Abba Building, 3rd Floor
Khalid Bin Waleed Street
Bur Dubai
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
National
Bank of Fujairah
PO Box: 2979
Dubai
Tel: (971-4) 3971700 / 5078300
Fax: (971-4) 3979100 / 3973922
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in
1972, subject is owned and managed by Mr Shabbir Ghulam Hussain who is well respected
in the local business community.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.