MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEVEN SEAS JEWELLERS LLC |
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Registered Office : |
Mohamed Rasool
Mirza Building, Al Ras Street, Al Ras, Deira, PO Box 34245, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.06.2001 |
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Com. Reg. No.: |
56862, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesaler and Retailer of Jewellery |
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 : SEVEN SEAS JEWELLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th June 2001
Commercial Registration Number : 56862, Dubai
Trade Licence Number : 527092
Chamber Membership Number : 64528
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 20
Activities : Wholesale and retail of jewellery
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SEVEN SEAS
JEWELLERS LLC
ADDRESS
Registered & Physical Address
Building : Mohamed Rasool Mirza Building
Street : Al Ras Street
Area : Al Ras, Deira
PO Box : 34245
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350177
Facsimile : (971-4) 2350178
Email : ssjew@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.
KEY PRINCIPALS
Name Nationality Position
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Sanjay
Jitendra Kumar Shah Indian Managing Director
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Arun Somani Indian Director
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Abdul Hamid
Ibrahim Mohamed Hussain Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 19th
June 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 56862, Dubai
Trade Licence No. : 527092
(Expires 15/06/2009)
Chamber Member No. : 64528
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abdul Hamid
Ibrahim Mohamed Hussain 51%
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Sanjay
Jitendra Kumar Shah 25%
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Arun Somani 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery.
Import
Countries: India and
Thailand
Subject has a
workforce of 20 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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Habib Bank Ltd
Trade Service Centre
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.
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 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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)