MIRA
INFORM REPORT
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Report Date : |
15th
November, 2006 |
IDENTIFICATION
DETAILS
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Correct Name : |
AL
GHADBAN JEWELLERY |
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Registered Office : |
Gold
Centre, 2nd Zone, 4th Floor, Office No. 93, Al Khor
Street, Al Ras, PO Box : 95067, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
12.04.2005 |
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Com. Reg. No.: |
73353, Dubai |
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Legal Form : |
Sharikat
Tadhamun (General Partnership) |
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Line of Business : |
Importer and Distributors of jewellery and precious stones. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
60,000 |
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Status : |
New
Concern |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL GHADBAN JEWELLERY |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
General Partnership |
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Registration Date |
12th April 2005 |
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Commercial Registration Number |
73353, Dubai |
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Trade Licence Number |
567944 |
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Membership Number |
96401 |
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Partners Capital |
UAE Dh 300,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of jewellery and precious stones. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL
GHADBAN JEWELLERY
ADDRESS
Registered & Physical Address
Building : Gold Centre, 2nd Zone,
4th Floor, Office No. 93
Street : Al Khor Street
Area : Al Ras
PO Box : 95067
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353299
Facsimile : (971-4) 2353298
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
·
Ali
Ghadban Abdulrazzaq Managing
Partner
LEGAL FORM & OWNERS
Date of Establishment : 12th April 2005
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 73353, Dubai
Trade Licence No. : 567944 (Expires 11th April 2007)
Membership No. : 96401
Partners
Capital : UAE Dh 300,000
Name of Partner (s)
·
Ali
Ghadban Abdulrazzaq
·
Al
Ghadban General Trading Co
PO Box : 95067
Dubai
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of jewellery and precious stones.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 60,000
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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