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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AL HAWAI CO LLC |
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|
|
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Registered Office : |
Alfardan Real
Estate Building, Shop No. 7, Al Ras Street, Souq Al Kabir, Deira P O Box 5281,
Dubai |
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|
|
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
13.12.1984 |
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Com. Reg. No.: |
59282, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of cookers, stoves,
cutlery, silverware and household utensils. |
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|
|
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No. of Employees |
12 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 : AL HAWAI CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th December 1984
Commercial Registration Number : 59282, Dubai
Trade Licence Number : 206639
Chamber Membership Number : 11563
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Distributors of cookers, stoves, cutlery, silverware and household
utensils.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Soyeb Sharafally Lokhandwala, Managing Director
AL HAWAI CO LLC
Registered &
Physical Address
Building : Alfardan Real Estate Building,
Shop No. 7
Street : Al Ras Street
Area : Souq Al Kabir, Deira
PO Box : 5281
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2268431 / 2268435
Facsimile : (971-4) 2268904
Email : hawaiest@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 Nationality Position
·
Soyeb
Sharafally Lokhandwala Indian Managing
Director
·
Moiz
Soyab Daolkawala Indian Director
·
Maryam
Mohamed Al Mulla Emirati Director
·
Mohamed
Zuhair - Financial
Controller
Date of Establishment : 13th
December 1984
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 59282, Dubai
Trade Licence No. : 206639
(Expires 02/06/2014)
Chamber Member No. : 11563
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Maryam
Mohamed Al Mulla 51%
·
Soyeb
Sharafally Lokhandwala 25%
·
Moiz
Soyab Daolkawala 24%
Activities: Engaged in the import and distribution of
cookers, stoves, cutlery, silverware and household utensils.
Import
Countries: India
International Suppliers:
·
Star
Metal Ltd India
·
Prestige
Home Appliance India
·
Oracle
Home Material India
· Zegma Appliances India
· Trend Setter India
Brand Names: HAWAI and 555
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 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 18,150,000 UAE Dh 20,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Soyeb Sharafally Lokhandwala, Managing Director
·
Commercial
Bank of Dubai Ltd
Al Maktoum Street
PO Box: 2668
Dubai
Tel: (971-4) 2226132
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
UK Pound |
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.