MIRA INFORM REPORT
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Report
Date : |
6th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
KEEMIA JEWELLERY LLC |
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Registered
Office : |
Gold
House, Office No. 203, Al Ras Street, Deira PO
Box - 45520, Dubai, United Arab
Emirates |
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Country
: |
United
Arab Emirates |
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Date
of Incorporation : |
1st
April 2003 |
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|
|
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Com.
Reg. No.: |
62235,
Dubai |
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Legal
Form : |
Limited Liability Company – LLC |
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Line
of Business : |
Distributors of jewellery, precious stones and watches |
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 |
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Maximum
Credit Limit : |
US$
100,000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
SUMMARY
|
Company
Name |
KEEMIA
JEWELLERY LLC |
|
Country
of Origin |
Dubai,
United Arab Emirates |
|
Legal
Form |
Limited
Liability Company – LLC |
|
Registration
Date |
1st
April 2003 |
|
Commercial
Registration Number |
62235,
Dubai |
|
Trade
Licence Number |
543649 |
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Membership
Number |
76562 |
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Issued
Capital |
UAE Dh
300,000 |
|
Paid
up Capital |
UAE Dh
300,000 |
|
Total
Workforce |
4 |
|
Line
of Business |
Distributors
of jewellery, precious stones and watches. |
|
Financial
Condition |
Fair |
|
Payments |
Nothing
detrimental uncovered |
|
Operating
Trend |
Steady |
COMPANY NAME
KEEMIA
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Gold House, Office
No. 203
Street : Al Ras Street
Area : Deira
PO Box : 45520
Town : Dubai
Country : United Arab Emirates
Telephone :
(971-4) 2295976
Facsimile : (971-4) 2295973
Email : keemiajewellery111@hotmail.com
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
·
Hamensho
Kaishoor Roparal Indian Managing Director
·
Jassim
Ali Abdul Rahim Nasser Emirati Director
Sajwani
LEGAL FORM & OWNERS
Date of Establishment : 1st April 2003
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability
Company- LLC)
Commercial Reg. No. : 62235, Dubai
Trade Licence No. : 543649 (Expires 30th
March 2007)
Membership No. : 76562
Issued
Capital : UAE Dh 300,000
Paid up
Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Jassim
Ali Abdul Rahim Nasser Sajwani 51%
·
Hamensho
Kaishoor Roparal 49%
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, precious stones and watches.
Import
Countries : Europe
and India.
Operating
Trend : Steady
Subject has
a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
United Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh 2,650,000 UAE Dh
3,100,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
· Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 2003, subject is owned and managed by Mr Hamensho Kaishoor Roparal, an
Indian national who operates in Dubai under the local sponsorship of Mr Jassim
Ali Abdul Rahim Nasser Sajwani.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |