MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARHAMS JEWELLERS FZCO |
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Registered Office : |
Gold &
Diamond Park, Unit 223B, Sheikh Zayed Road, Jebel Ali Free Zone, PO Box
87675, 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 : |
13.05. 2001 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Wholesale and Retail of Jewellery Items, Precious Stones
and Watches |
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 : ARHAMS JEWELLERS FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 13th May 2001
Trade Licence Number : 9572
Chamber Membership Number : 63912
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 10
Activities : Wholesale and retail of jewellery items, precious stones and watches
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : M Bohari, General Manager
COMPANY NAME
ARHAMS JEWELLERS FZCO
ADDRESS
Registered & Physical Address
Location : Gold & Diamond Park, Unit 223B
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 87675
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2977989 / 3478121
Facsimile : (971-4) 3478421
Email : arhamdxb@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
Umar Hizam Indian Managing
Director
·
Mohamed Ismaq
Zaro Indian Director
·
M Bohari - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
May 2001
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 9572
(Expires 12/05/2009)
Chamber Member No. : 63912
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Umar Hizam 50%
·
Mohamed Ismaq
Zaro 50%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery items, precious stones and watches.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 10 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 10,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel: (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2001, subject is involved in the wholesale and retail of jewellery items,
precious stones and watches.
According to local
sources, subject meets its payment obligations in a timely manner and the
business 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.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
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%)