MIRA INFORM REPORT
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Report No. : |
332850 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL HAWAI CO LLC |
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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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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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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 - LLC |
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Line of Business : |
Import and
Distribution of Cookers, Stoves, Cutlery, Silverware and Household Utensils. |
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No. of Employees : |
14 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab Emirates |
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 |
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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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.
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Source
: CIA |
SUMMARY
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 : 14
Activities :
Distributors of cookers, stoves, cutlery, silverware and household
utensils.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Moiz Soyab
Daolkawala, Director
COMPANY
NAME
AL HAWAI CO LLC
ADDRESS
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
Mobile : (971-50) 2131007
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.
KEY
PRINCIPALS
Name Nationality Position
·
Soyeb
Sharafally Lokhandwala Indian Managing
Director
·
Moiz
Soyab Daolkawala Indian Director
·
Maryam
Mohamed Al Mulla Emirati Director
·
Mohamed
Zuhair - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 13th
December 1984
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 59282, Dubai
Trade Licence No. : 206639
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%
OPERATIONS
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 14 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 20,000,000 UAE Dh 21,320,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Moiz Soyab Daolkawala, Director
BANKERS
·
Commercial
Bank of Dubai Ltd
Al Maktoum Street
PO Box: 2668
Dubai
Tel: (971-4) 2226132
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.65 |
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|
1 |
Rs.99.14 |
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Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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-- |
NB |
New Business |
-- |
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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.