MIRA INFORM
REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HASSAN GEMS LLC |
|
|
|
|
Registered Office : |
Mohamed Mahmood Al Dalal Building, Ground Floor, Al Khaleej Street, Al Ras, P O Box 21892, Dubai |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
13.12.1993 |
|
|
|
|
Com. Reg. No.: |
47354, |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale and retail of jewellery and gold items as well as precious metals and stones |
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 : |
Usually Correct |
|
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 |
SUMMARY
Company Name : HASSAN GEMS LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 13th December 1993
Commercial Registration Number : 47354,
Trade Licence Number : 232456
Chamber Membership Number : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 15
Activities : Wholesale and retail of jewellery and gold items as well as precious
metals and stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sayed Mazhar Hussain, Managing Director
COMPANY NAME
HASSAN GEMS LLC
company ADDRESS
Registered & Physical Address
Building : Mohamed Mahmood Al Dalal
Building, Ground Floor
Street :
Area : Al Ras
PO Box : 21892
Town :
Country :
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
·
Gold Souq,
Deira Rented
showroom premises
PO Box: 28948
Tel: (971-4) 2256399
KEY PRINCIPALS
Name Nationality Position
·
Sayed
Mazhar Hussain Indian Managing
Director
·
Ali
Rashid Obaid Saeed Al Jarwan Emirati Director
·
Noshir Ali - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
December 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 47354,
Trade Licence No. : 232456
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
Tel: (971-4) 2255108
Fax: (971-4) 2262346
·
Hassan Gems & Jewellery Pvt Ltd (Nikhaar)
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery and gold items as well as precious metals and stones.
Import
Countries: Europe and
Operating Trend: Steady
Subject has a
workforce of 15 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
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
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
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.60 |
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 |
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.