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Report No. : |
337704 |
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Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
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Name : |
HASSAN GEMS LLC |
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|
|
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Registered Office : |
Mohamed Mahmood Al Dalal Building, Ground Floor, Al Khaleej Street, Al
Ras, Gold Souq, Deira, PO Box 21892 & 28948, Dubai |
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|
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Country : |
United
Arab Emirates |
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|
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Financials (as on) : |
31.12.2014 |
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|
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Date of Incorporation : |
13.12.1993 |
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Com. Reg. No.: |
47354 |
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|
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Engaged in the import, trading and export of diamonds and precious
stones. |
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|
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No. of Employees : |
6 |
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
UNITED ARAB EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful
efforts at economic diversification have reduced the portion of GDP based on oil
and gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the country has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US; however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce,
and growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and creating
more opportunities for nationals through improved education and increased
private sector employment.
|
Source
: CIA |
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 :
6
Activities :
Import, trading and export of diamonds and precious stones
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sayed Mazhar Hussain, Managing Director
HASSAN GEMS LLC
Registered &
Physical Address
Building : Mohamed
Mahmood Al Dalal Building, Ground Floor
Street : Al Khaleej
Street
Area : Al Ras, Gold
Souq, Deira
PO Box : 21892 &
28948
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2268645
/ 2256399
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.
Name Nationality Position
Sayed Mazhar Hussain Indian Managing Director
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 (Expires
22/07/2015)
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%
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 import, trading and export of diamonds and precious
stones.
Import Countries: Europe and South Africa.
Operating Trend: Steady
Subject has a workforce of 6 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 58,725,000 UAE Dh
59,260,000
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
|
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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 |
|
|
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 |
|
|
-- |
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.