MIRA
INFORM REPORT
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Report Date : |
21st
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
RIDDHI GEMS LLC |
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Registered Office : |
Mohamed Ibrahim Obaidullah Building, Office No. 101, Plot No. 210, Al Daghaya, P. O. Box 182377, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
16.02.2005 |
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Com. Reg. No.: |
105785 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of jewellery and precious stones. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
US$ 10000 |
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Status : |
New Concern |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
RIDDHI GEMS LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
16th February 2005 |
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Commercial Registration Number |
105785, Dubai |
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Trade Licence Number |
565958 |
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Membership Number |
94691 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
4 |
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Line of Business |
Distributors of jewellery and precious stones. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
RIDDHI GEMS LLC
ADDRESS
Registered & Physical Address
Location : Mohamed Ibrahim Obaidullah
Building, Office No. 101, Plot No.
210
Area : Al Daghaya
PO Box : 182377
Town : Dubai
Country : United Arab Emirates
Subject
has yet to register any telephone or facsimile numbers.
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Meher
Dleep Shala Indian Managing Director
·
Shetan
Burat Lal Shala Indian Director
·
Nasser
Abdulla Hassan
Mohamed Murshid Emirati Director
LEGAL
FORM & OWNERS
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Date
of Establishment |
16th
February 2005 |
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Legal
Form |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Commercial
Reg. No. |
105785,
Dubai |
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Trade
Licence No. |
565958
(Expires 15th February 2006) |
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Membership
No. |
94691 |
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Issued
Capital |
UAE Dh
300,000 |
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Paid
up Capital |
UAE Dh
300,000 |
Name
of Shareholder (s) Percentage
·
Nasser
Abdulla Hassan Mohamed Murshid 51%
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Shetan
Burat Lal Shala 25%
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Meher
Dleep Shala 24%
Note
to the Legal Form
A
Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The
Company Law provides that the capital of a Limited Liability Company (LLC) should
not be less than UAE Dh 300,000, which should be divided into equal shares of a
value not less than UAE Dh 100 each.
This
type of company may engage in any form of legitimate business, with the
exception of insurance, banking and investment of funds.
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the United Arab Emirates
is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and profits.
It is
common for the 51 percent to be held by the UAE national on paper only with the
foreign partner(s) providing all the capital requirements for the company and
paying an annual fee to the local partner.
Under
this arrangement the above ownership may not reflect the actual profit
distribution within the company, as the company may have internal management
agreements in place that provides full management of the company in return for
a share of the company’s assets and profits. This internal relationship may or
may not be recognised by law depending on the way the internal agreement is
made.
LINE
OF BUSINESS
Operations
Engaged
in the import and distribution of jewellery and precious stones.
Subject
has a workforce of 4 employees.
FINANCIAL
HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
National
Bank of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 10,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |