MIRA
INFORM REPORT
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Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
HONG KONG JEWELLERS |
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Registered Office : |
Shop No. 7,
Bridge No. 2, New Central Market, Gold Souq, PO Box 23132, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.01.1992 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors 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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HONG KONG JEWELLERS
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 22nd January 1992
Trade Licence Number : 114848
Invested Capital : UAE Dh 100,000
Total Workforce : 6
Activities : Distributors of jewellery and precious stones.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
HONG KONG JEWELLERS
ADDRESS
Registered &
Physical Address
Building : Shop No. 7
Area : Bridge No. 2, New Central
Market, Gold Souq
PO Box : 23132
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5726505
Facsimile : (971-6) 5727774
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
·
Mansour
Ali Indian Proprietor & General
Manager
·
Habib
Hamdan Sagwani Emirati Local
Sponsor
LEGAL FORM & OWNERS
Date of Establishment : 22nd
January 1992
Legal Form :
Sole Proprietorship
Trade Licence No. : 114848
Invested Capital
: UAE Dh 100,000
Mr Mansour Ali is
the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery and precious stones.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Companies
registered in Sharjah are not legally required to make their accounts public
and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
National Bank
of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1992, subject is owned and managed by Mr Mansour Ali
who operates in Sharjah under the local sponsorship of Mr Habib Hamdan Sagwani.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)