MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ZAFAR JEWELLERS LLC |
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Registered Office : |
Gold Centre Building, 3rd Floor, Suite No. 67, Al Khor
Street, Al Ras, Deira, PO Box 50136, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.12.1988 |
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Com. Reg. No.: |
41705, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery Items. |
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$ 225,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ZAFAR JEWELLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th December 1988
Commercial Registration Number : 41705, Dubai
Trade Licence Number : 218202
Chamber Membership Number : 14529
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 13
Activities : Wholesale and retail of jewellery items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 225,000
COMPANY NAME
ZAFAR JEWELLERS LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre
Building, 3rd Floor, Suite No. 67
Street : Al Khor
Street
Area : Al Ras,
Deira
PO Box : 50136
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2264574
Facsimile : (971-4)
2264123
Email : zafarjew@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
· Asghar Hussain
Mushtaq Ahmad Pakistani Managing Director
· Saleh Mohamed
Saleh Obaid Al Ajla Emirati Director
· Shehab
Mohamed - Accounts
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 10th
December 1988
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41705, Dubai
Trade Licence No. : 218202 (Expires 04/12/2008)
Chamber Member No. : 14529
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Saleh Mohamed
Saleh Obaid Al Ajla 51%
· Asghar Hussain
Mushtaq Ahmad 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery items.
Import Countries: India, Japan and Europe.
Operating Trend: Steady
Subject has a workforce of 13 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:
Sales UAE
Dh 8,350,000 UAE Dh
10,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
United Bank Ltd
Murshid Bazar
Branch
PO Box : 1000
Dubai
Tel : (971-4)
2282025 / 2223191
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 and
the above credit figure is within subject’s financial means.
The financial information contained within the report has
been confirmed by Mr Shehab Mohamed – Accounts Manager.
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%)