MIRA
INFORM REPORT
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Report Date : |
07.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
IBRAHIM AL SAYEGH JEWELLERY |
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Registered Office : |
Al Musalla House, Al Khaleej Street, Bur Dubai, PO Box 58229 & 21112 & 64207, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.12.2002 |
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Com. Reg. No.: |
94400, Dubai |
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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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : IBRAHIM AL SAYEGH
JEWELLERY
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 25th
December 2002
Commercial
Registration Number : 94400,
Dubai
Trade Licence Number : 540586
Membership Number : 74136
Invested Capital : UAE Dh
100,000
Total Workforce : 4
Line of Business : Distributors
of jewellery and precious stones.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
IBRAHIM AL SAYEGH JEWELLERY
ADDRESS
Registered & Physical Address
Building : Al Musalla
House
Street : Al Khaleej
Street
Area : Bur Dubai
PO Box : 58229 &
21112 & 64207
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2350052
/ 2350606
Facsimile : (971-4)
2350054
Email : ibrahimsayeghgew@gmail.com
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
·
Ibrahim Mohamed Ghuloom Al Sayegh Proprietor
& General Manager
·
Ram Babu Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 25th
December 2002
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Commercial Reg.
No. : 94400, Dubai
Trade Licence No. : 540586 (Expires 23rd December
2007)
Membership No. : 74136
Invested Capital : UAE Dh 100,000
Mr Ibrahim Mohamed Ghuloom Al Sayegh is the sole proprietor of the
business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa
Khassa as the business of an individual where liability for all debts is
unlimited. The business is the entire responsibility of its proprietor, who is
liable for all its debts to the extent of his entire wealth. There are no legal
requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
· Sparkle Jewellery
LLC
Gold Land Building, 3rd Floor,
Flat No. 316
Al Khaleej Street
Al Daghaya
PO Box : 21112
Dubai
Tel : (971-4) 2350052
Fax : (971-4) 2350054
Email : sparkle_jew@hotmail.com
LINE OF BUSINESS
Operations : 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 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by the subject are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06:
Total Revenue UAE
Dh 100,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4)
2221281
Fax : (971-4)
2284631
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction May
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 2002, subject is owned and managed by Mr Ibrahim Mohamed
Ghuloom Al Sayegh who is well respected in the local business community.
We have approached the subject directly and as a result Mr Ram Babu, the
Finance Manager confirmed that the sales for 2006 were UAE Dh 100,000,000. We
mentioned the figure of UAE Dh 233,000,000 (the equivalent figure that you
provided) and he said that this was much too high.
According to local sources, subject’s financial condition is satisfactory
whilst payments are made in a timely manner. The company’s operating history is
reportedly clear and the above credit figure is considered to be within
subject’s financial means.
Maximum suggested credit figure: US$ 500,000
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%)