MIRA INFORM REPORT

 

 

Report Date :

28.03.2011

 

IDENTIFICATION DETAILS

 

Name :

AL MEHER JEWELLERY FZC

 

 

Registered Office :

Ajman Free Zone, P O Box 17324, Ajman

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

25.11.2009

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Traders of jewellery and precious stones

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

New Company

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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                                     : AL MEHER JEWELLERY FZC

Country of Origin                                    : Ajman, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC        

Registration Date                                   : 25th November 2009

Trade Licence Number                            : 4958

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 4

Activities                                               : Traders of jewellery and precious stones

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

AL MEHER JEWELLERY FZC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Ajman Free Zone

PO Box             : 17324

Town                 : Ajman

Country             : United Arab Emirates

Mobile               : (971-50) 7382261

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Ajman Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Adnan Mostafa Hassan Mohamed                  Emirati                          Managing Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th November 2009

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 4958 (Expires 24th November 2011)

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)

 

·       Adnan Mostafa Hassan Mohamed

 

·       Merilyn Impex Ltd

British Virgin Islands

 

 

OPERATIONS

 

Activities: Engaged as traders of jewellery and precious stones.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Main Street

PO Box: 988

Ajman

Tel: (971-6) 5422996

Fax: (971-6) 5425750

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.91

Euro

1

Rs.63.28

 

 

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%)

 

 

 

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.