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Report Date : |
11.12.2014 |
IDENTIFICATION DETAILS
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Name : |
HAPPY FUTURE TRADING LLC |
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Registered Office : |
Awkaf Building, Shop No |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
13.10.1987 |
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Com. Reg. No.: |
45613, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the wholesale and retail of readymade garments, textiles
and fabric coated paper, as well as watches, footwear's, artificial
jewellery, goggle's and children toys and bags |
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No. of Employees |
04 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
|
Source
: CIA |
Company Name : HAPPY FUTURE TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 13th October 1987
Commercial Registration Number : 45613,
Trade Licence Number : 215564
Chamber Membership Number : 12633
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Wholesale and retail of readymade garments, textiles and fabric coated
paper.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashraf Behai Lakad Arshad, Managing Director
HAPPY FUTURE
TRADING LLC
Building :
Street :
Area : Bur
PO Box : 171721 &
26486
Town :
Country :
Telephone : (971-4) 3530907
Facsimile : (971-4) 3530907
Email : irshadbawa@gmail.com
/ info@happyfuturetrading.org
/ happyfuturedubai@gmail.com
Note
Subject moved to the above address in 2012 and was previously located at
the following location:
Al
Deira
Tel: (971-4) 2267272
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
· Irshad Bawa - Sales
Manager
· Mohamed Hashem - Marketing
Manager
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,
Trade Licence No. : 215564
Chamber Member No. : 12633
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Saeed Abdullah
Ahmed Al Muathen 51%
· Ashraf Behai Lakad
Arshad 49%
Activities: Engaged in the wholesale and retail of readymade garments, textiles and
fabric coated paper, as well as watches, footwear's, artificial jewellery,
goggle's and children toys and bags.
Import Countries:
Operating Trend: Steady
Subject has a workforce of 4 employees.
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales UAE
Dh 8,750,000 UAE Dh
9,185,000
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
PO Box: 3306
Tel: (971-4) 2214535
·
National Bank of Ras Al Khaimah
Gold Souq, Deira
PO Box: 1531
Tel: (971-4) 2226291
Fax: (971-4) 2281312
·
Emirates National Bank of
PO Box:
777
Tel:
(971-4) 2222241
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.
DIAMOND INDUSTRY –
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From time immemorial,
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
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The banking sector has started
exercising restraint while following prudent risk management norms when lending
money to gems and jewellery sector. This follows the implementation of Basel
III accord – a global voluntary regulatory standard on bank capital adequacy,
stress testing and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.95 |
|
|
1 |
Rs.97.16 |
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Euro |
1 |
Rs.76.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
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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 |
-- |
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.