MIRA INFORM REPORT

 

 

Report No. :

328539

Report Date :

25.06.2015

 

IDENTIFICATION DETAILS

 

Name :

HUSSAIN GENERAL TRADING EST

 

 

Registered Office :

Sheikh Khaser Building, Ground Floor, Naif Street, Naif, Deira, 11244 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

19.08.1980

 

 

Com. Reg. No.:

5888

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of furniture, household fabrics and curtains.

 

 

No of Employees :

55

 

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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. 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

 

SUMMARY

 

Company Name                                    : HUSSAIN GENERAL TRADING EST

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 19th August 1980

Commercial Registration Number           : 5888, Dubai

Trade Licence Number                           : 202940

Chamber Membership Number               : 6902

Invested Capital                                    : UAE Dh 200,000

Total Workforce                                     : 55

Activities                                               : Distributors of furniture, household fabrics and curtains.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Rajendra Nathan, Finance Manager

 
Company name

 

HUSSAIN GENERAL TRADING EST

 

 

company ADDRESS

 

Registered & Physical Address

 

Building            : Sheikh Khaser Building, Ground Floor

Street               : Naif Street

Area                 : Naif, Deira

 

PO Box            : 11244

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2232490 / 2236498 / 2231287 / 2275595

Facsimile          : (971-4) 2275594

Mobile              : (971-50) 6442468

Email                : info@hussain.ae / hgtest@emirates.net.ae / impex@hussain.ae

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Al Ain                                                                                               Showroom premises

Tel: (971-3) 7220017

Fax: (971-3) 7220049

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hussain Mohamed Hussain Al Marzouqi                                             Proprietor & General Manager

 

·       Samir Hussain Mohamed Hussain Al Marzouqi                                   Assistant General Manager

 

·       Yousef Shareed                                                                               Marketing Manager

 

·       Rajendra Nathan                                                                               Finance Manager

 

·       Hashed Mohamed                                                                            Assistant Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th August 1980

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 5888, Dubai

 

Trade Licence No.        : 202940 (Expires 13/08/2015)

 

Chamber Member No.  : 6902

 

Invested Capital           : UAE Dh 200,000

 

Mr Hussain Mohamed Hussain Al Marzouqi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Hussain Mohamed Hussain Furniture

King Abdul Aziz Road

Sharjah

Tel: (971-6) 5339910

Fax: (971-6) 5339902

 

·       Floortex Furnishing

Naif Road

Dubai

Tel: (971-4) 2610039

Fax: (971-4) 2231287

 

·       Housetex Furnishing

Naif Road

Dubai

Tel: (971-4) 2210966

Fax: (971-4) 2215044

 

·       Emirates House Furniture

Naif Road

Dubai

Tel: (971-4) 2723003

Fax: (971-4) 2730270

 

·       Zabeel Furniture

Karama

Dubai

Tel: (971-4) 3365570

Fax: (971-4) 3366693

 

·       Gulf Upholstery

Abu Dhabi

Tel: (971-2) 6423995

Fax: (971-2) 6425576

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of furniture, household fabrics and curtains.

 

     Subject are exclusive distributors of Micro fibres Velvets (Micro fibres Belgium), Spain Canvas (S.A.

     Recasons) and German Fire Retardant Leathers (ATN).

 

Import Countries: Spain, Netherlands, Italy, Turkey, South Korea, Belgium, India, Pakistan, Taiwan, Indonesia,

                 China and United States of America.

 

International Suppliers:

 

·       V K Polycot                         India

·       Shamsi Pakistan Pvt Ltd       Pakistan

 

Operating Trend: Steady

 

Subject has a workforce of 55 employees.

 

 

FINANCIAL DATA

 

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:              Year Ending 31/12/14:

 

Total Sales                    UAE Dh 53,000,000                   UAE Dh 50,000,000                   UAE Dh 52,300,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Rajendra Nathan, Finance Manager

BANKERS

 

·       Abu Dhabi Commercial Bank

Al Rigga Road

PO Box: 5550

Dubai

Tel: (971-4) 2958888 / 3228141

Fax: (971-4) 2959310 / 3279632

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               April 2014

Credit amount                                       400,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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. 63.66

UK Pound

1

Rs. 100.50

Euro

1

Rs. 71.31

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.