MIRA INFORM REPORT
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Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
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Name : |
HASSAN GEMS LLC |
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Registered Office : |
Mohamed Mahmood Al Dalal Building, Ground Floor, Al
Khaleej Street, Al Ras, Gold Souq, P O Box 21892, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
13.12.1993 |
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Com. Reg. No.: |
47354, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of precious stones |
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No. of Employees
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07 |
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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Maximum Credit Limit : |
US$ 300,000 |
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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 |
Company Name : HASSAN GEMS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 13th December 1993
Commercial Registration Number : 47354, Dubai
Trade Licence Number : 232456
Chamber Membership Number : 28974
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Activities : Wholesale and retail of precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
Person Interviewed : Majid Dozali, Sales Manager
HASSAN GEMS LLC
Registered &
Physical Address
Building : Mohamed Mahmood Al Dalal
Building, Ground Floor
Street : Al Khaleej Street
Area : Al Ras, Gold Souq
PO Box : 21892
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2268645
Facsimile : (971-4) 2262346
Mobile : (971-50) 6518025
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
Dubai
Tel: (971-4) 2256399
Name Nationality Position
·
Sayed
Mazhar Hussain Indian Managing
Director
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Ali
Rashid Obaid Saeed Al Jarwan Emirati Director
·
Majid Dozali - Sales
Manager
Date of Establishment : 13th
December 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 47354, Dubai
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%
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Sayed
Mazhar Hussain 49%
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Hassan
Jewellery Co LLC
PO Box: 28948
Dubai
Tel: (971-4) 2255108
Fax: (971-4) 2262346
·
Hassan Gems & Jewellery Pvt Ltd (Nikhaar)
Bangalore
India
Activities: Engaged in the wholesale and retail of
precious stones.
Import
Countries: Europe and South
Africa
Operating Trend: Steady
Subject has a workforce
of 7 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
54,000,000 UAE Dh 56,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
Established in
1993, subject is owned and managed by Mr Sayed Mazhar Hussain who operates in Dubai
under the local sponsorship of Mr Ali Rashid Obaid Saeed Al Jarwan.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.94 |
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UK Pound |
1 |
Rs.78.25 |
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Euro |
1 |
Rs.65.39 |
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.