MIRA INFORM REPORT

 

 

Report Date :

14th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

WHITE STAR JEWELLERY & DIAMOND LLC

 

 

Registered Office :

Gold Centre Building, 6th Floor, Suite No. 149, Sikkat Al Khail Street, Gold Souq, Deira, PO Box : 171204, Dubai, United Arab Emirates

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

15.10.2005

 

 

Com. Reg. No.:

76717, Dubai

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

 

Line of Business :

Wholesalers and retailers of jewellery, diamonds and other precious stones.

 

RATING & COMMENTS

 

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

 

Maximum Credit Limit :

US$ 50,000

 

 

Status :

New Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

 

Company Name

WHITE STAR JEWELLERY & DIAMONDS LLC

Country of Origin

Dubai, United Arab Emirates

Legal Form

Limited Liability Company - LLC

Registration Date

15th October 2005

Commercial Registration Number

76717, Dubai

Trade Licence Number

574257

Membership Number

101685

Issued Capital

UAE Dh 300,000

Paid up Capital

UAE Dh 300,000

Total Workforce

5

Line of Business

Wholesalers and retailers of jewellery, diamonds and other precious stones.

Financial Condition

Undetermined

Payments

Nothing detrimental uncovered

 

 

 

 

 

 

COMPANY NAME

 

WHITE STAR JEWELLERY & DIAMONDS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Gold Centre Building, 6th Floor, Suite No. 149

Street               : Sikkat Al Khail Street

Area                 : Gold Souq, Deira

PO Box             : 171204

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2295975

Facsimile          : (971-4) 2295997

 

 

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

 

·       Ali Hassan Sadiqi                                          Iranian                           Managing Director

 

·       Manpret Singh                                              Iranian                           Director

 

·       Sadiq Mohamed Mansouri                              Indian                            Director

 

·       Ali Marwan Ozair Suroor Rafeea                     Emirati                          Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th October 2005

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 76717, Dubai

 

Trade Licence No.       : 574257 (Expires 14th October 2007)

 

Membership No.          : 101685

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

 

Name of Shareholder (s)                    Percentage

 

·       Ali Marwan Ozair Suroor Rafeea                                 51%

 

·       Ali Hassan Sadiqi                                                      17%

 

·       Manpret Singh                                                          16%

 

·       Sadiq Mohamed Mansouri                                          16%

 

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 thanUAE 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 wholesale and retail of jewellery, diamonds and other 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$ 50,000

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions