MIRA INFORM REPORT
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Report Date : |
08.11.2011 |
IDENTIFICATION DETAILS
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Name : |
AABHARAN JEWELLERY LLC |
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Registered Office : |
Karama Centre, Zaabeel
Street, Al Karama, P O Box 6401, 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 : |
19.05.1999 |
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Com. Reg. No.: |
52802, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesalers and retailers of jewellery, precious stones and watches |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
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 : AABHARAN JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th May 1999
Commercial Registration Number : 52802, Dubai
Trade Licence Number : 511485
Chamber Membership Number : 54104
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 15
Activities : Wholesalers and retailers of jewellery, precious stones and watches.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sayed Abdul Sattar, Finance Manager
COMPANY NAMe
AABHARAN JEWELLERY LLC
compant ADDRESS
Registered &
Physical Address
Building : Karama Centre
Street : Zaabeel Street
Area : Al Karama
PO Box : 6401 & 13304
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3356667 / 3352444
Facsimile : (971-4) 3360082 / 3366460
Mobile : (971-55) 8589329
Email : info@aabharan.ae
Please note that
subject moved from 208/9 Gold Land Building, 2nd Floor, PO Box
93590, Deira, Dubai in January 2011.
Premises
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Offices
Location Description
·
Hamdan
Street Office
premises
Abu Dhabi
Tel: (971-2) 6339433
KEY PRINCIPALS
Name Nationality Position
·
Bavaguthu
Raguhuram Shetty Indian Managing
Director
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Abdullah
Humaid Ali Al Mazroei Emirati Director
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Sayed
Abdul Sattar - Finance
Manager
·
Suraish
Babu - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
May 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52802, Dubai
Trade Licence No. : 511485
(Expires 18/05/2012)
Chamber Member No. : 54104
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
Abdullah
Humaid Ali Al Mazroei 51%
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Bavaguthu
Raguhuram Shetty 49%
AFFILIATED COMPANIES
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UAE
Exchange
Dubai
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery,
precious stones and watches.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 15 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
12,900,000 UAE Dh
14,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
ABN
Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.08 |
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UK Pound |
1 |
Rs.78.65 |
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Euro |
1 |
Rs.67.79 |
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 |
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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.