MIRA
INFORM REPORT
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Report Date : |
28.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABILHASAN SALMANOV JEWELLERY LLC |
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Registered Office : |
Goldland Centre,
Shop No. G14/16, Al Daghaya Street, Al Daghaya, Deira, PO Box 41146, 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 : |
26.08. 2000 |
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Com. Reg. No.: |
55147, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution 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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABILHASAN SALMANOV JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 26th August 2000
Commercial Registration Number : 55147, Dubai
Trade Licence Number : 520683
Chamber Membership Number : 60059
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Import and distribution of jewellery and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ABILHASAN SALMANOV
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Goldland Centre, Shop No. G14/16
Street : Al Daghaya Street
Area : Al Daghaya, Deira
PO Box : 41146
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2258040
Facsimile : (971-4) 2258060
Email : alman@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
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Alman Kahrman
Mamadov Azerbaijani Managing Director
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Abilhasan
Mirza Hassan Salmanov Azerbaijani Director
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Omar Abdul
Qader Ahmed Ali Al Hajri Emirati Director
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Yousef
Haider - Commercial
Manager
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T.H.
Fakeruddine - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 26th
August 2000
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 55147, Dubai
Trade Licence No. : 520683
(Expires 25/08/2008)
Chamber Member No. : 60059
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Omar Abdul
Qader Ahmed Ali Al Hajri 51%
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Alman Kahrman
Mamadov 25%
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Abilhasan
Mirza Hassan Salmanov 24%
AFFILIATED COMPANIES
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Caspian
Jewellery DMCC
Dubai
OPERATIONS
Activities: Engaged in the import and distribution of jewellery
and precious stones.
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 Sales UAE Dh 5,180,000 UAE Dh 7,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
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National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2000, subject is owned and managed by Mr Alman Kahrman Mamadov and Mr Abilhasan
Mirza Hassan Salmanov who are Azerbaijani nationals operating in Dubai under
the local sponsorship of Mr Omar Abdul Qader Ahmed Ali Al Hajri.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.64.61 |
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%)