MIRA
INFORM REPORT
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Report Date : |
27th June 2006 |
IDENTIFICATION
DETAILS
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Name : |
SAMRA JEWELLERY CO LLC |
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Registered Office : |
Gold Centre, 1st Floor, Apt 18, Al Khor Street, Al Ras, Deira, P. O. Box 3950 & 82684, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
11.10.1989 |
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Com. Reg. No.: |
40191 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of jewellery, precious stones and watches. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
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Company Name |
SAMRA JEWELLERY CO LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company – LLC |
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Start Date |
1950 |
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Registration Date |
11th October 1989 |
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Commercial Registration Number |
40191, Dubai |
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Trade Licence Number |
220977 |
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Membership Number |
17286 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
22 |
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Line of Business |
Distributors of jewellery, precious stones and watches. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
SAMRA JEWELLERY CO LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre, 1st
Floor, Apt 18
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 3950 & 82684
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253331
Facsimile : (971-4) 2253382
Email : samra@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.
Branch
Offices
Location Description
·
Gold
Souq Rented
showroom premises
Sharjah
Tel: (971-6) 5335560
·
Deira
City Centre Building Rented
showroom premises
Baniyas Road
Dubai
Tel : (971-4) 2262488
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Emirates
Mall Rented
showroom premises
Dubai
·
Ibn
Batouta Mall Rented
showroom premises
Dubai
KEY
PRINCIPALS
Name Nationality Position
·
Salim
Deeb Abu Samra Syrian Managing Director
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Hassan
Ahmed Mohamed Deemas Emirati Director
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Samer
Salim Deeb Abu Samra Syrian General Manager
LEGAL
FORM & OWNERS
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Date
of Establishment |
1950,
however subject was registered on 11th October 1989. |
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Legal
Form |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Commercial
Reg. No. |
40191,
Dubai |
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Trade
License No. |
220977
(Expires 4th October 2006) |
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Membership
No. |
17286 |
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Issued
Capital |
UAE Dh
300,000 |
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Paid
up Capital |
UAE Dh
300,000 |
Name of Shareholder (s) Percentage
·
Hassan
Ahmed Mohamed Deemas 51%
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Salim
Deeb Abu Samra 49%
Note
to the Legal Form
A
Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The
Company Law provides that the capital of a Limited Liability Company (LLC)
should not be less than UAE Dh 300,000, which should be divided into equal
shares of a value not less than UAE Dh 100 each.
This
type of company may engage in any form of legitimate business, with the
exception of insurance, banking and investment of funds.
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the United Arab Emirates
is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and
profits.
It is
common for the 51 percent to be held by the UAE national on paper only with the
foreign partner(s) providing all the capital requirements for the company and
paying an annual fee to the local partner.
Under
this arrangement the above ownership may not reflect the actual profit
distribution within the company, as the company may have internal management
agreements in place that provides full management of the company in return for
a share of the company’s assets and profits. This internal relationship may or
may not be recognised by law depending on the way the internal agreement is
made.
AFFILIATED
COMPANIES
·
Ariya
Jewellery LLC
Dubai
Tel: (971-4) 2253897
LINE
OF BUSINESS
Operations
Engaged
in the import and distribution of jewellery, precious stones and watches.
Import
Countries
Europe
and the Far East.
Brand
Names
DESIREE
Operating
Trend
Steady
Subject
has a workforce of 22 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/03: Year
Ending 31/12/04:
Total
Revenue UAE Dh 4,300,000 UAE
Dh 4,750,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1989, subject is involved in the import and distribution of jewellery,
precious stones and watches.
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.
Maximum
suggested credit figure: US$ 200,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |