MIRA
INFORM REPORT
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Report Date : |
23.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
SHAYONA
GEMS LLC |
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Registered Office : |
Nasser
Abdullah Bin Hussain Lootah Building, 2nd Floor, Office No. 5, Al
Ras Street, Gold Souq, P. O. Box 57651, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
15th March 2005 |
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Com. Reg. No.: |
72769 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged
in the import and retail of jewellery and precious stones. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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$
50,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Unknown
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Litigation : |
Clear |
SUMMARY
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Company
Name |
SHAYONA 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 |
15th March 2005 |
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Commercial
Registration Number |
72769, Dubai |
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Trade
Licence Number |
566801 |
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Membership
Number |
95513 |
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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 |
6 |
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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
SHAYONA
GEMS LLC
ADDRESS
Registered & Physical Address
Building : Nasser Abdullah Bin Hussain
Lootah Building, 2nd Floor, Office No. 5
Street : Al Ras Street
Area :
Gold Souq
PO Box : 57651
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353286
Facsimile : (971-4) 2353287
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
· Eshwarbhai Tulishibhai Kikani Indian Managing Director
· Devendra Kumar Karshenbhai Kikani Indian Director
· Hamdan Mohamed Essa Al Samt Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 15th March 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 72769, Dubai
Trade Licence No. : 566801 (Expires 14th March 2006)
Membership No. : 95513
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
· Hamdan Mohamed Essa Al Samt 51%
· Eshwarbhai Tulishibhai Kikani 25%
· Devendra Kumar Karshenbhai Kikani 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 retail of jewellery and precious stones.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 6 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
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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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