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Report No. : |
325638 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HENWOOD GENERAL TRADING CO LLC |
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Registered Office : |
Office No. 204, 3rd Floor, Omar Building, Baniyas Square,
PO Box : 55769, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.05.2001 |
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Com. Reg. No.: |
56642, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is distributors of building and construction materials |
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No. of Employee : |
20 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
Company Name :
HENWOOD GENERAL TRADING CO LLC
Doing Business As :
HENWOOD BUILDING MATERIALS TRADING CO LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
19th May 2001
Commercial Registration Number :
56642, Dubai
Trade Licence Number :
526421
Chamber Membership Number :
64067
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
20
Activities :
Distributors of building and construction materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Baderuddine Abdulrahman, Financial Controller
HENWOOD GENERAL
TRADING CO LLC
DOING BUSINESS AS: HENWOOD BUILDING
MATERIALS TRADING CO LLC
Building : Office No.
204, 3rd Floor, Omar Building
Area : Baniyas
Square
PO Box : 55769
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2209786
Facsimile : (971-4)
2209787
Mobile : (971-55)
2061406 / 4543398
Email : henwoodtrding@hotmail.com / info@henwoodtrading.ae / info@henwood.ae
Please note that subject’s previous address was, Hamriyah Building, Al
Khaleej Street, Al Hamriya Port Area, Dubai.
Subject operates from a small suite of offices and a warehouse that are
owned and located in the Port Area of Dubai.
Branch Offices
Location Description
· Al Nakheel Street Office
premises
Deira
Dubai
Tel: (971-4)
2286595
Name Nationality Position
· Ali Abbas Ali Singaporean Managing Director
· Abdul Reza Mohsen
Ali Iraqi Director
· Eissa Hassan
Ibrahim Mohamed Emirati Director
· Parasad Babat - Finance
Manager
· Baderuddine Abdulrahman - Financial
Controller
· Mohamed Akbar Ali - Commercial
Manager
· Prajesh Chabtouri - Sales
Manager
Date of
Establishment : 19th
May 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 56642, Dubai
Trade Licence No. : 526421 (Expires 15/05/2016)
Chamber Member No. : 64067
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Eissa Hassan
Ibrahim Mohamed 51%
· Abdul Reza Mohsen
Ali 25%
· Ali Abbas Ali 24%
Activities: Engaged in the import and distribution of building and construction
materials, handling, loading and lifting
equipment, cement, sanitary ware, hardware, adhesives, sealants,
chemicals, timber, scrap metals and
automotive spare parts.
Import Countries: Europe and the Far East.
Brand Names: SEGULL, TRUST and BOSSIL
Operating Trend: Steady
Subject has a workforce of 20 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 10,200,000 UAE Dh
10,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
ASH |
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 |
|
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 |
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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 |
|
<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.