MIRA INFORM REPORT

 

 

 

Report Date :

07.10.2008

 

IDENTIFICATION DETAILS

 

Name :

HIMAT JEWELLERS LLC

 

 

Registered Office :

Khalifa Almatrooshi Sons Building, Sikkat Al Khail Street, Al Ras, Deira, PO Box 1089, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2007

 

 

Date of Incorporation :

1960

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Retail of Jewellery Items

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                                     : HIMAT JEWELLERS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : 1960

Registration Date                                   : 30th September 1987

Commercial Registration Number            : 42387, Dubai

Trade Licence Number                            : 215081

Chamber Membership Number                : 12588

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                         : 40

Activities                                               : Retail of jewellery items

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Katin Jakhia, General Manager

 

 

 

 

 

COMPANY NAME

 

HIMAT JEWELLERS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Khalifa Almatrooshi Sons Building

Street               : Sikkat Al Khail Street

Area                 : Al Ras, Deira

PO Box             : 1089

Town                 : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 2266016 / 2266793

Facsimile          : (971-4) 2251511

Email                : sales@himatjewellers.com

  himat@emirates.net.ae

  himatgroup@gmail.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are owned and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Oasis Centre                                                                                    Rented showroom premises

     Khalid Ibn Al Waleed Street

     Dubai

     Tel: (971-4) 3392123

     Fax: (971-4) 3390003

 

·       Deira City Centre                                                                               Rented showroom premises

Beniyas Road

Dubai

Tel: (971-4) 2954001

Fax: (971-4) 2953537

 

·       Sharjah                                                                                            Rented showroom premises

Tel: (971-6) 5333077

Fax: (971-6) 5333454

 

 

KEY PRINCIPALS

 

 

     Name                                                           Nationality                     Position

 

·       Jayesh Himatlal Suru                         Indian                            Managing Director

 

·       Deepak Himatlal Suru                                    Indian                            Director

 

·       Suru Himatlal Kanji Bhavanji                           Indian                            Director

 

·       Saeed Khalifa Saeed Al Matrooshi                  Emirati                          Director

 

·       Katin Jakhia                                                       -                              General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1960, however it was registered on 30th September 1987

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 42387, Dubai

 

Trade Licence No.       : 215081 (Expires 02/04/2009)

 

Chamber Member No. : 12588

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                              Percentage

 

·       Saeed Khalifa Saeed Al Matrooshi                                   51%

 

·       Suru Himatlal Kanji Bhavanji                                            17%

 

·       Jayesh Himatlal Suru                                          16%

 

·       Deepak Himatlal Suru                                                     16%

 

 

OPERATIONS

 

Activities: Engaged in the retail of jewellery items including bracelets, brooches, coronets and tiaras, lockets and

     pendants, watch chains, necklaces and precious stones.

 

                  Subject also provides custom made jewellery items.

 

Import Countries: Europe and South Africa

 

Operating Trend: Steady

 

Subject has a workforce of 40 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 32,000,000                   UAE Dh 36,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Habib Bank Ltd

Murshid Bazaar

PO Box : 888

Dubai

Tel : (971-4) 2221281

     Fax : (971-4) 2284631

 

·       Bank of Baroda

PO Box : 3162

Dubai

Tel : (971-4) 5531955

Fax : (971-4) 5536962

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2003

Credit amount                                        75,000

Amount overdue                         0

Payment terms                                      30 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Established in 1987, subject is owned and managed by Mr Jayesh Himatlal Suru, Mr Suru Himatlal Kanji Bhavanji and Mr Deepak Himatlal Suru who are Indian nationals operating in Dubai under the local sponsorship of Mr Saeed Khalifa Saeed Al Matrooshi.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade.

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.74

UK Pound

1

Rs.85.19

Euro

1

Rs.66.12

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions