MIRA
INFORM REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BARAKAT GOLD & ANTIQUE LLC |
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Registered Office : |
Sons of Ibrahim Lootah Building, Al Khor Street, Old Gold Souq, Al
Ras, Deira, 21758, 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 : |
19.06.1994 |
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Com. Reg. No.: |
42183, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail of jewellery and gold items, as well as related giftware and novelties. |
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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Status : |
Good |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
BARAKAT GOLD & ANTIQUE LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
19th June 1994
Commercial Registration Number :
42183, Dubai
Trade Licence Number :
234659
Chamber Membership Number :
30939
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
75
Activities :
Wholesale and retail of jewellery and gold items, as well as related giftware
and novelties.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
BARAKAT GOLD & ANTIQUE LLC
ADDRESS
Registered & Physical Address
Building : Sons of Ibrahim Lootah
Building
Street : Al Khor
Street
Area : Old Gold
Souq, Al Ras, Deira
PO Box : 21758
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2251619 / 2252624
Facsimile : (971-4) 2261669
Email : barakatj@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Subject operates a total of 7 showrooms within Dubai.
KEY PRINCIPALS
Name Nationality Position
Yahya Khashan Barakat Ebadi Iranian Managing Director
Hamid Yahya Barakat Iranian Director
Aref Yahya Barakat Iranian Director
Adel Yahya Barakat Ebadi Iranian Director
Kamel Yahya Barakat Iranian Director
Fazel Yahya Barakat Iranian Director
Abdul Karim Rahma Abdullah Abdul Karim Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 19th
June 1994
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 42183, Dubai
Trade Licence No. : 234659 (Expires
13/06/2010)
Chamber Member No. : 30939
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE
Dh 1,000,000
Name of
Shareholder (s) Percentage
Abdul Karim Rahma Abdullah Abdul Karim 51%
Yahya Khashan Barakat Ebadi 9%
Hamid Yahya Barakat 8%
Aref Yahya Barakat 8%
Adel Yahya Barakat Ebadi 8%
Kamel Yahya Barakat 8%
Fazel Yahya Barakat 8%
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery and gold items, as
well as related giftware and novelties.
Import Countries: Iran, India, Thailand, South Africa and France.
Operating Trend: Steady
Subject has a workforce of 75 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 Sale UAE
Dh 84,000,000 UAE Dh
88,500,000
Local sources consider subject’s financial condition to be Good.
The above financial figures were confirmed by Mr Adel Yahya Barakat
Ebadi.
BANKERS
Emirates Bank International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course of this investigation nothing detrimental was uncovered
regarding the manner in which payment obligations are fulfilled. The operating
history is clear and the financial situation is satisfactory. As such we are of
the opinion that the subject is 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%)