MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAHADIYA JEWELS
DMCC |
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Registered Office : |
Gold House, Suite
No. 408, Al Ras Street, Deira, P O Box 65013, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27th November 2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of jewellery and diamonds. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : SAHADIYA JEWELS DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 27th November 2005
Trade Licence Number : 30348
Invested Capital : UAE Dh 150,000
Total Workforce : 7
Line of Business : Distributors of jewellery and diamonds.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
SAHADIYA JEWELS
DMCC
ADDRESS
Registered & Physical Address
Building : Gold House, Suite No. 408
Street : Al Ras Street
Area : Deira
PO Box : 65013
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350740
Facsimile : (971-4) 2350736
Email : anmakwt@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
·
Abdul Rasheed
Kasim Proprietor
& General Manager
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Kanir Rafi Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th
November 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 30348
Invested Capital
: UAE Dh 150,000
Mr Abdul Rasheed
Kasim 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.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
jewellery and diamonds.
Import Countries
: Europe and South America.
Subject has a
workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06 :
Total Revenue UAE Dh 4,268,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is owned and managed by Mr Abdul Rasheed Kasim who is well
respected in the local business community.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be 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. |
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%)