MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL GHADBAN JEWELLERY |
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Registered Office : |
Gold Centre, 2nd
Zone, 4th Floor, Office No. 93, Al Khor Street, Al Ras, PO Box
95067, 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 : |
12.04.2005 |
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Com. Reg. No.: |
73353, 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 : AL GHADBAN JEWELLERY
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th April 2005
Commercial Registration Number : 73353, Dubai
Trade Licence Number : 567944
Chamber Membership Number : 96401
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Import and distribution of jewellery and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL GHADBAN
JEWELLERY
ADDRESS
Registered & Physical Address
Building : Gold Centre, 2nd Zone, 4th
Floor, Office No. 93
Street : Al Khor Street
Area : Al Ras
PO Box : 95067
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353299
Facsimile : (971-4) 2353298
Mobile : (971-50) 6321981
Email : alghdban@eim.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ali Ghadban
Abdulrazzaq Iraqi Managing
Partner
·
Karim
Ali Ghadban Abdulrazzaq Iraqi General
Manager
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Fairaz
Udaa - Commercial
Manager
·
Nikung
Bawsara - Accounts
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12th
April 2005
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 73353, Dubai
Trade Licence No. : 567944
(Expires 11/04/2009)
Chamber Member No. : 96401
Partners Capital : UAE Dh 300,000
Name of Partner (s)
·
Ali Ghadban
Abdulrazzaq
·
Al Ghadban
General Trading Co
PO Box : 95067
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 6 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
10,000,000 UAE Dh
12,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Karim Ali Ghadban
Abdulrazzaq, General Manager.
BANKERS
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Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
business 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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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%)