MIRA
INFORM REPORT
|
Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AL MAHABA JEWELLERY LLC |
|
|
|
|
Registered Office : |
Essa Ibrahim Lootah Building, Shop No. 6, Al Ras Street, Al Ras,
Deira, 7419, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
6th December 2000 |
|
|
|
|
Com. Reg. No.: |
55684, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Wholesale and retail of jewellery, pearls and semi-precious stones as well as watches and spare parts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||||
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|||
|
|
|
|
|
|||
|
Status : |
Satisfactory |
|
|||
|
|
|
|
|||
|
Payment Behaviour : |
No complains |
|
|||
|
|
|
|
|||
|
Litigation : |
Clear |
|
|||
SUMMARY
Company Name : AL MAHABA JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th December 2000
Commercial Registration Number : 55684, Dubai
Trade Licence Number : 522845
Chamber Membership Number : 61397
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 8
Activities : Wholesale and retail of jewellery, pearls and semi-precious stones as well as watches and spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
AL MAHABA JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Essa Ibrahim
Lootah Building, Shop No. 6
Street : Al Ras
Street
Area : Al Ras,
Deira
PO Box : 7419
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2291039
Facsimile : (971-4)
2290875
Email : piya@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.
KEY PRINCIPALS
Name Nationality Position
· Bijlani Rajesh
Moti Indian Managing
Director
· Komal Gope Shahani Indian Director
· Shahani Gope
Kishinchand Indian Director
· Jassim Yousuf
Jassim Al Hamadi Emirati Director
· Mr Mujeeb - General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 6th December
2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 55684, Dubai
Trade Licence No. : 522845 (Expires 04/12/2008)
Chamber Member No. : 61397
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
· Jassim Yousuf
Jassim Al Hamadi 51%
· Bijlani Rajesh
Moti 17%
· Komal Gope Shahani 16%
· Shahani Gope
Kishinchand 16%
OPERATIONS
Activities: Engaged in the wholesale and
retail of jewellery, pearls and semi-precious stones as well as watches and
spare parts.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 8 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sale UAE
Dh 8,900,000 UAE Dh
10,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4)
2227121 / 2253222
Fax : (971-4)
2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2000, subject is involved in the wholesale and retail of
jewellery, semi-precious stones and watches.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
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. |
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%)