MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HASSAN GEMS LLC |
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Registered Office : |
Mohamed Mahmood Al Dalal Building, Al Khaleej Street, Al Ras, PO Box
21892, 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 : |
13.12.1993 |
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Com. Reg. No.: |
47354, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Importer and Distributors of Jewellery Items and Precious Metals. |
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 :
HASSAN GEMS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
13th December 1993
Commercial Registration Number :
47354, Dubai
Trade Licence Number :
232456
Membership Number :
28974
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
9
Line of Business :
Distributors of jewellery items and precious metals.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
HASSAN GEMS LLC
ADDRESS
Registered & Physical Address
Building : Mohamed
Mahmood Al Dalal Building
Street : Al Khaleej
Street
Area : Al Ras
PO Box : 21892
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2268645
Facsimile : (971-4)
2262346
Email : hgems@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Below Golden
Palace Hotel Rented
showroom premises
Gold Souq, Deira
PO Box: 28948
Dubai
Tel: (971-4)
2256399
KEY PRINCIPALS
Name Nationality Position
· Sayed Mazhar
Hussain Indian Managing
Director
· Mukesh Nand
Kishore Indian Director
· Ali Rashid Obaid
Saeed Al Jarwan Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 13th
December 1993
Legal Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 47354, Dubai
Trade Licence No. : 232456 (Expires 22nd July 2008)
Membership No. : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Ali Rashid Obaid
Saeed Al Jarwan 51%
· Sayed Mazhar
Hussain 25%
· Mukesh Nand
Kishore 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into
equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets
capital requirements and requires 51 percent Emirati participation in capital
and profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
AFFILIATED COMPANIES
· Hassan Jewellery
Co LLC
PO Box: 28948
Dubai
Tel: (971-4)
2255108
Fax: (971-4)
2262346
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
jewellery and gold items as well as precious
metals and stones.
Import Countries : Europe and South Africa.
Operating Trend : Steady
Subject has a workforce of 9 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE
Dh 8,380,000 UAE
Dh 12,180,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1993, subject is owned and managed by Mr Sayed Mazhar
Hussain and Mr Mukesh Nand Kishore, who are both Indian nationals who operate
in Dubai under the local sponsorship of Mr Ali Rashid Obaid Saeed Al Jarwan.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
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%)