MIRA
INFORM REPORT
|
Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
AL MASHREQ JEWELS CO LLC |
|
|
|
|
Registered Office : |
Gold Centre,
Suite No. 163, Deira, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
18.01.1997 |
|
|
|
|
Com. Reg. No.: |
42049, |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Wholesale and Retail of Jewellery, Gold, Precious Stones and Loose Diamonds |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL MASHREQ JEWELS CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 18th January 1997
Commercial Registration Number : 42049,
Trade Licence Number : 48375
Chamber Membership Number : 244968
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Wholesale and retail of jewellery, gold, precious stones and loose diamonds
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MASHREQ JEWELS
CO LLC
ADDRESS
Registered & Physical
Address
Building : Gold Centre, Suite No. 163
Area : Deira
PO Box : 27404
Town :
Country :
Telephone : (971-4) 2255199
Facsimile : (971-4) 2267773
Email : naman@eim.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
·
Manoj
Jain Indian Managing
Director
·
Abdullah
Al Fardan Emirati Director
·
Vishwaz Gaikwat - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 18th
January 1997
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42049,
Trade Licence No. : 48375
(Expires 17/07/2009)
Chamber Member No. : 244968
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Abdullah
Al Fardan 51%
·
Manoj
Jain 49%
AFFILIATED COMPANIES
·
Allure
Jewels LLC
Gold Souq
PO Box : 2099
Tel : (971-6) 7428653
Fax : (971-6) 7428653
Email : naman@emirates.net.ae
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, gold, precious stones and loose diamonds.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 7 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/07:
Total Sales UAE
Dh 8,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Vishwaz Gaikwat, Financial
Controller.
BANKERS
·
Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Al Mashreq Jewels
Co LLC was established in 1997 and has made steady progress in the local
business community and now enjoys a good reputation for the quality of its
products.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.74 |
|
|
1 |
Rs.74.37 |
|
Euro |
1 |
Rs.62.78 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)