MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
IBRAHIM AL SAYEGH
JEWELLERY |
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Registered Office : |
Al Musalla House,
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25th December 2002 |
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Com. Reg. No.: |
94400, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution 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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : IBRAHIM AL SAYEGH JEWELLERY
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 25th December 2002
Commercial Registration Number :
94400,
Trade Licence Number : 540586
Membership Number : 74136
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of jewellery and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
IBRAHIM AL SAYEGH
JEWELLERY
ADDRESS
Registered & Physical Address
Building : Al Musalla House
Street : Al Khaleej Street
Area : Bur Dubai
PO Box : 58229 & 21112
Town :
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
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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 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,400,000 UAE Dh
3,880,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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.
Date of transaction May 2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
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.
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%)