MIRA
INFORM REPORT
|
Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
AL SUROOR
JEWELLERY FZE |
|
|
|
|
Registered Office : |
Hamriyah
Free Zone, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
31st January 2006 |
|
|
|
|
Legal Form : |
Free Zone Establishment – FZE |
|
|
|
|
Line of Business : |
Engaged in the
wholesale and retail of jewellery. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL SUROOR JEWELLERY FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 31st January 2006
Trade Licence Number : 1560
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 3
Line of Business : Wholesalers and retailers of jewellery.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL SUROOR JEWELLERY
FZE
ADDRESS
Registered & Physical Address
Location : Hamriyah Free Zone
PO Box : 42224
Town : Sharjah
Country :
Telephone : (971-6) 5261508
Facsimile : (971-6) 5261509
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Hamriyah Free Zone Area of Sharjah.
KEY PRINCIPALS
·
Rahoul
Ramesh Shavan Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 31st
January 2006
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 1560
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Rahoul
Ramesh Shavan 100%
Note to the Legal Form
A Free Zone Establishment (FZE) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51% equity in the capital.
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of
jewellery.
Import Countries
: Europe and the
Subject has a
workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
National
Bank of Sharjah
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Sharjah 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.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)