MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
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 : |
Import and Distribution of Jewellery and Gold Items as
well as Precious Metals and Stones |
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
Chamber Membership Number : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Import and distribution of jewellery and gold items as well as precious
metals and stones
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
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Below Golden
Palace Hotel Rented
showroom premises
Gold Souq, Deira
PO Box: 28948
Dubai
Tel: (971-4) 2256399
KEY PRINCIPALS
Name Nationality Position
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Sayed Mazhar
Hussain Indian Managing
Director
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Mukesh Nand
Kishore Indian Director
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Ali Rashid
Obaid Saeed Al Jarwan Emirati Director
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Noshir
Ali - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
December 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 47354, Dubai
Trade Licence No. : 232456
(Expires 22/07/2009)
Chamber Member No. : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ali Rashid
Obaid Saeed Al Jarwan 51%
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Sayed Mazhar
Hussain 25%
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Mukesh Nand
Kishore 24%
AFFILIATED COMPANIES
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Hassan
Jewellery Co LLC
PO Box: 28948
Dubai
Tel: (971-4) 2255108
Fax: (971-4) 2262346
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Hassan
Gems & Jewellery Pvt Ltd (Nikhaar)
Bangalore
India
OPERATIONS
Activities: 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 7 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 Sales UAE Dh 8,300,000 UAE Dh 9,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Sayed Mazhar Hussain, Managing Director.
BANKERS
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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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.01 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.20 |
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%)