MIRA INFORM REPORT

 

 

Report Date :           

11.07.2011

 

IDENTIFICATION DETAILS

 

Name :

AL SALAM JEWELLERY LLC

 

 

Registered Office :

Gold Centre Building, 4th Floor, Suite No. 110, Al Khor Street, Gold Souq, Deira

P O Box 6350, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.01.1978

 

 

Com. Reg. No.:

42364, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Retail of jewellery, specialising in 18k and 22k gold pieces and 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

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : AL SALAM JEWELLERY LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 18th January 1978

Commercial Registration Number            : 42364, Dubai

Trade Licence Number                            : 204157

Chamber Membership Number                : 3956

Issued Capital                                        : UAE Dh 3,500,000

Paid up Capital                                      : UAE Dh 3,500,000

Total Workforce                                     : 12

Activities                                               : Retail of jewellery, specialising in 18k and 22k gold pieces and

diamonds

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Hagob Barbarian, General Manager

 

COMPANY NAME

 

AL SALAM JEWELLERY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Gold Centre Building, 4th Floor, Suite No. 110

Street               : Al Khor Street

Area                 : Gold Souq, Deira

PO Box             : 6350

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2266243 / 2232759 / 2232884

Facsimile          : (971-4) 2254185 / 2264460

Mobile               : (971-50) 6449930

Email                : tamara10@emirates.net.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

 

·       Markas Agob Markastian                                 Syrian                         Managing Director

 

·       Waleed Abdel Malek Mohamed                        Emirati                        Director

 

·       Hagob Barbarian                                                  -                            General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th January 1978

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 42364, Dubai

 

Trade Licence No.       : 204157

 

Chamber Member No. : 3956

 

Issued Capital              : UAE Dh 3,500,000

 

Paid up Capital            : UAE Dh 3,500,000

 

Name of Shareholder (s)                                               Percentage

 

·       Waleed Abdel Malek Mohamed                                       51%

 

·       Markas Agob Markastian                                                49%

 

 

AFFILIATED COMPANIES

 

·       Al Salam Jewellery WLL

Safat

     Kuwait

     Tel: (965) 22461641

 

 

OPERATIONS

 

Activities: Engaged in the retail of jewellery, specialising in 18k and 22k gold pieces and diamonds, as well as

     bracelets, necklaces, lockets, rings, watches and clocks.

 

Import Countries: Italy, India and Hong Kong

 

Export Countries: Saudi Arabia and Kuwait

 

Operating Trend: Steady

 

Subject has a workforce of 12 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 16,220,000                   UAE Dh 17,500,000

 

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

 

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

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

Mankhool Branch

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

·       Habib Bank Ltd

Trade Service Centre

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

     Tel: (971-4) 2229131 / 2221134

     Acc No. 0490102097

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              September 2000

Credit amount                                        250,000

Amount overdue                         0

Payment terms                                      180 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Al Salam Jewellery LLC is a well established company with operations dating back to 1978, specialising in the retail of jewellery.

 

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.44.33

UK Pound

1

Rs.70.74

Euro

1

Rs.63.65

 

 

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

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

----

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%)

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.