MIRA
INFORM REPORT
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Report Date : |
11th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
HASSAN GEMS LLC |
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Registered Office : |
Mohamed Mahmood Al Dalal Building, Al Khaleej Street, Al Ras, P. O. Box 21892, Dubai, United Arab Emirates |
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Date of Incorporation : |
13th December 1993 |
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Com. Reg. No.: |
47354 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of jewellery and gold items as well as precious metals and stones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
HASSAN GEMS 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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Registration Date |
13th December 1993 |
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Commercial Registration Number |
47354, Dubai |
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Trade Licence Number |
232456 |
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Membership Number |
28974 |
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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 |
7 |
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Line of Business |
Distributors of jewellery items and precious metals. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
HASSAN GEMS LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Mahmood Al Dalal Building
Street : Al Khaleej Street
Area : Al Ras
PO Box : 21892
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2268645
Facsimile : (971-4) 2262346
Email : hgems@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Below Golden Palace Hotel Rented showroom premises
Gold Souq, Deira
PO Box: 28948
Dubai
Tel: (971-4) 2256399
KEY PRINCIPALS
Name Nationality Position
Sayed Mazhar Hussain Indian Managing Director
Mukesh Nand Kishore Indian Director
Ali Rashid Obaid Saeed Al Jarwan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 13th December 1993
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company –
LLC)
Commercial Reg. No. : 47354, Dubai
Trade Licence No. : 232456 (Expires 22nd July 2006)
Membership No. : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Ali Rashid Obaid Saeed Al Jarwan 51%
Sayed Mazhar Hussain 25%
Mukesh Nand Kishore 24%
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
Hassan Jewellery Co LLC
PO Box: 28948
Dubai
Tel: (971-4) 2255108
Fax: (971-4) 2262346
LINE OF BUSINESS
Operations
Engaged in the import and distribution of
jewellery and gold items as well as precious metals and stones.
Import Countries
Europe and South Africa.
Operating Trend
Steady
Subject has a workforce of 7 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 4,225,000 UAE Dh 4,370,000
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 1993, subject is owned and managed by Mr Sayed Mazhar Hussain and Mr Mukesh Nand Kishore, who are both Indian nationals who operate in Dubai under the local sponsorship of Mr Ali Rashid Obaid Saeed Al Jarwan.
According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 150,000
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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