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Report No. : |
334116 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
HAPPY FUTURE
TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 |
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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 : |
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 : |
4 |
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
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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 |
Company Name : HAPPY FUTURE TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 13th
October 1987
Commercial
Registration Number : 45613,
Dubai
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 : Mohamed Hashem,
Marketing Manager
HAPPY FUTURE
TRADING LLC
Building :
Street : Juma Masjid Road
Area : Bur Dubai
PO Box : 171721 & 26486
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3530907
Facsimile : (971-4) 3530907
Mobile : (971-50) 6569763 / (971-55)
8241331 / 8869763
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
Mariam Building, Office No. 301
Al Dhaghaya Street
Deira
Dubai
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, Dubai
Trade Licence No. : 215564
(Expires 30/09/2015)
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: India and China
International Suppliers:
·
Banswara Textile India
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 31/12/13: Year
Ending 31/12/14:
Total Sales UAE Dh 9,185,000 UAE Dh 9,520,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Hashem, Marketing Manager
·
Habib
Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
·
National
Bank of Ras Al Khaimah
Gold Souq, Deira
PO Box: 1531
Dubai
Tel: (971-4) 2226291
Fax: (971-4) 2281312
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.64.07 |
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|
1 |
Rs.99.83 |
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Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
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Analysis Done by
: |
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.