MIRA
INFORM REPORT
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Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
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Name : |
HASSAN GEMS LLC |
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Registered Office : |
Mohamed Mahmood Al Dalal Building, Ground Floor Al Khaleej Street Al
Ras, Gold Souq PO Box 21892 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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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 : |
Wholesale and retail of precious stones |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 : Wholesale and retail of precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Majid Dozali, Sales Manager
COMPANY NAME
HASSAN GEMS LLC
ADDRESS
Registered & Physical Address
Building : Mohamed
Mahmood Al Dalal Building, Ground Floor
Street : Al Khaleej
Street
Area : Al Ras, Gold
Souq
PO Box : 21892
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2268645
Facsimile : (971-4)
2262346
Mobile : (971-50)
6518025
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
· Gold Souq, Deira Rented
showroom premises
PO Box: 28948
Dubai
Tel: (971-4)
2256399
KEY PRINCIPALS
Name Nationality Position
· Sayed Mazhar
Hussain Indian Managing
Director
· Ali Rashid Obaid
Saeed Al Jarwan Emirati Director
· Majid Dozali - 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 12/12/2011)
Chamber Member No. : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Ali Rashid Obaid
Saeed Al Jarwan 51%
· Sayed Mazhar
Hussain 49%
AFFILIATED COMPANIES
· Hassan Jewellery
Co LLC
PO Box: 28948
Dubai
Tel: (971-4)
2255108
Fax: (971-4)
2262346
· Hassan Gems &
Jewellery Pvt Ltd (Nikhaar)
Bangalore
India
OPERATIONS
Activities: Engaged in the wholesale and retail of precious 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 31/12/09: Year
Ending 31/12/10:
Total Sales UAE
Dh 50,000,000 UAE Dh
54,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
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 who operates 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 |
|
US Dollar |
1 |
Rs.45.77 |
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|
1 |
Rs.75.57 |
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Euro |
1 |
Rs.65.97 |
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 |
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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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.