MIRA INFORM
REPORT
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Report Date : |
17.03.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
ZUMURUDA JEWELLERS LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
17.10.1983 |
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Com. Reg. No.: |
43777, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesalers and retailers
of jewellery items |
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 |
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
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 : ZUMURUDA JEWELLERS LLC
Country of Origin :
Legal Form : Limited Liability Company – LLC
Start Date : 1979
Registration Date : 17th October 1983
Commercial Registration Number : 43777,
Trade Licence Number : 202217
Chamber Membership Number : 11016
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 12
Activities : Wholesalers and retailers of jewellery items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ZUMURUDA JEWELLERS
LLC
company ADDRESS
Registered & Physical Address
Building :
Street :
Area : Deira
PO Box : 39922
Town :
Country :
Telephone : (971-4) 2265761 / 2252222 / 2261853
Facsimile : (971-4) 2264831 / 2255322
Email : zumuruda@emirates.net.ae / zumurada@eim.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
·
Abbas
Ghulam Ali Fath Ali Iranian Managing Director
·
Mohamed
Abbas Ghulam Ali Fath Ali Iranian Director
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Aqil
Abdul Nabi Kazim Emirati Director
·
Fadil
Abbas Ghulam Ali Fathi Ali Iranian General Manager
·
Ali
Ahmed - Sales
Manager
·
Mohamed
Shehata - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1979, however it was registered on 17th
October 1983.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43777,
Trade Licence No. : 202217
(Expires 03/06/2011)
Chamber Member No. : 11016
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
·
Aqil
Abdul Nabi Kazim 51%
·
Abbas
Ghulam Ali Fath Ali 25%
·
Mohamed
Abbas Ghulam Ali Fath Ali 24%
AFFILIATED COMPANIES
·
Zumuruda
Jewellers DMCC
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery items, particularly gold items, precious stones and metals, pearls
and custom made jewellery accessories.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 12 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
14,200,000 UAE Dh
15,500,000
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
PO Box: 999
Tel: (971-4) 2520455
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Tel: (971-4) 2221281
Fax:
(971-4) 2284631
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Commercial
Bank of
PO Box: 2668
Tel: (971-4) 3523355
Fax: (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January
2003
Credit amount 200,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
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1 |
Rs.72.59 |
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Euro |
1 |
Rs.63.13 |
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 |
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.