MIRA
INFORM REPORT
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Report Date : |
14th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
IBRAHIM
AL SAYEGH JEWELLERY |
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Registered Office : |
Gold
Land Building, 3rd Floor, Flat No. 316, Al Khaleej Street, Al
Daghaya, 21112, Dubai, United Arab Emirates |
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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 : |
25.12.2002 |
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Com. Reg. No.: |
94400,
Dubai |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of jewellery and precious stones. |
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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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 |
IBRAHIM AL SAYEGH JEWELLERY |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
25th December 2002 |
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Commercial
Registration Number |
94400, Dubai |
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Trade
Licence Number |
540586 |
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Membership
Number |
74136 |
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Invested
Capital |
UAE Dh 100,000 |
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Total
Workforce |
3 |
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Line
of Business |
Distributors of jewellery and precious stones. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY
NAME
IBRAHIM
AL SAYEGH JEWELLERY
ADDRESS
Registered & Physical Address
Building : Gold Land Building, 3rd
Floor, Flat No. 316
Street : Al Khaleej Street
Area : Al Daghaya
PO Box : 21112
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350052 / 2350606
Facsimile : (971-4) 2350054
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
·
Ibrahim
Mohamed Ghuloom Al Sayegh Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 25th December 2002
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 94400, Dubai
Trade Licence No. : 540586 (Expires 23rd December
2007)
Membership No. : 74136
Invested
Capital : UAE Dh 100,000
Mr
Ibrahim Mohamed Ghuloom Al Sayegh is the sole proprietor of the business.
Note
to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
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Sparkle
Jewellery LLC
Gold Land Building, 3rd Floor,
Flat No. 316
Al Khaleej Street
Al Daghaya
PO Box : 21112
Dubai
Tel : (971-4) 2350052
Fax : (971-4) 2350054
Email : sparkle_jew@hotmail.com
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of jewellery and precious stones.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 3 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 2,800,000 UAE Dh
3,400,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib
Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2002, subject is owned and managed by Mr Ibrahim Mohamed Ghuloom Al Sayegh
who is well respected in the local business community.
According
to local sources, subject’s financial condition is satisfactory whilst payments
are made in a timely manner. The company’s operating history is reportedly
clear and the above credit figure is considered to be within subject’s
financial means.
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 |