MIRA
INFORM REPORT
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Report Date : |
14.04.2007 |
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 |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1950 |
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Com. Reg. No.: |
40191 |
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Legal Form : |
Limited Liability Company – LLC |
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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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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 : |
Regular |
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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
·
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
·
Hassan Ahmed
Mohamed Deemas Emirati Director
·
Samer Salim
Deeb Abu Samra Syrian General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1950, however
subject was registered on 11th October 1989.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40191, Dubai
Trade Licence No. : 220977
(Expires 4th October 2007)
Membership No. : 17286
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
·
Hassan Ahmed
Mohamed Deemas 51%
·
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 31/12/04 Year
Ending 31/12/05
Total Revenue UAE Dh 4,750,000 UAE Dh
5,080,000
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 1950,
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.
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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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%)