MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL SALAM JEWELLERY LLC |
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Registered Office : |
Gold Centre
Building, 4th Floor, Suite No. 110, Al Khor Street, Deira, PO Box
6350, 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 : |
18.01.1978 |
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Com. Reg. No.: |
42364, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Retail of Jewellery, Specialising in 18k and 22k Gold
Pieces and Diamonds |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL SALAM JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th January 1978
Commercial Registration Number : 42364, Dubai
Trade Licence Number : 204157
Chamber Membership Number : 3956
Issued Capital : UAE Dh 3,500,000
Paid up Capital : UAE Dh 3,500,000
Total Workforce : 6
Activities : Retail of jewellery, specialising in 18k and 22k gold pieces and diamonds
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL SALAM JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre Building, 4th Floor,
Suite No. 110
Street : Al Khor Street
Area : Deira
PO Box : 6350
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2266243 / 2232759 / 2232884
Facsimile : (971-4) 2254185 / 2264460
Mobile : (971-50) 6449930
Email : tamara10@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
·
Markas Agob
Markastian Syrian Managing Director
·
Waleed Abdel
Malek Mohamed Emirati Director
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Hagob
Barbarian - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 18th
January 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42364, Dubai
Trade Licence No. : 204157
(Expires 03/04/2009)
Chamber Member No. : 3956
Issued Capital : UAE Dh 3,500,000
Paid up Capital : UAE Dh 3,500,000
Name of Shareholder (s) Percentage
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Waleed Abdel
Malek Mohamed 51%
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Markas Agob
Markastian 49%
OPERATIONS
Activities: Engaged in the retail of jewellery, specialising
in 18k and 22k gold pieces and diamonds, as well as
bracelets, necklaces,
lockets, rings, watches and clocks.
Import
Countries: Italy, India and
Hong Kong
Export
Countries: Saudi Arabia and
Kuwait
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 8,000,000 UAE Dh 10,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Hagob Barbarian, Commercial Manager.
BANKERS
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The Standard
Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4) 2520455
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Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Acc No. 0490102097
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction September
2000
Credit amount 250,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Al Salam Jewellery
LLC is a well established company with operations dating back to 1978,
specialising in the retail of jewellery.
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.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
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%)