MIRA
INFORM REPORT
|
Report
Date : |
11th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
OVISI JEWELLERY LLC |
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Registered
Office : |
Yousuf Mohmood Beshwari Building, Sikkat Al Khail Street,
Gold Market, Deira, P. O. Box 33916, Dubai, United Arab Emirates |
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Date
of Incorporation : |
24.03.2004 |
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Com.
Reg. No.: |
66565 |
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Legal
Form : |
Limited Liability Company |
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Line
of Business : |
Engaged in the import and distribution of jewellery and
precious stones. |
RATING & COMMENTS
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MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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$
60,000 |
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Status
: |
Small
Company |
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Payment
Behaviour : |
No
Complaints |
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Litigation
: |
Clear |
SUMMARY
|
Company
Name |
OVISI
JEWELLERY LLC |
|
Country
of Origin |
Dubai,
United Arab Emirates |
|
Legal
Form |
Limited
Liability Company - LLC |
|
Registration
Date |
24th
March 2004 |
|
Commercial
Registration Number |
66565,
Dubai |
|
Trade
Licence Number |
554772 |
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Membership
Number |
85677 |
|
Issued
Capital |
UAE Dh
300,000 |
|
Paid
up Capital |
UAE Dh
300,000 |
|
Total
Workforce |
5 |
|
Line
of Business |
Distributors
of jewellery and precious stones. |
|
Financial
Condition |
Undetermined |
|
Payments |
Nothing
detrimental uncovered |
COMPANY NAME
OVISI
JEWELLERY LLC
ADDRESS
Registered
& Physical Address
Building : Yousuf Mohmood Beshwari Building
Street : Sikkat Al Khail Street
Area : Gold Market, Deira
PO Box : 33916
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2295004
Facsimile : (971-4) 2291169
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Abbas Ali
Akbar Ovisi Esfahani Iranian Managing
Director
Mohamed
Mahmood Abdullah Ali
Al Zarooni Emirati Director
LEGAL FORM & OWNERS
|
Date of
Establishment |
24th
March 2004 |
|
|
|
|
Legal
Form |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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|
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Commercial
Reg. No. |
66565,
Dubai |
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|
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Trade
Licence No. |
554772
(Expires 14th March 2006) |
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|
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Membership
No. |
85677 |
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|
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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
Mohamed
Mahmood Abdullah Ali Al Zarooni 51%
Abbas Ali
Akbar Ovisi Esfahani 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 and precious stones.
Import
Countries
Europe and
the Far East.
Subject has
a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is
a newly formed business and as a result financial information is not currently
available.
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
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$ 60,000
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 |
|
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |