MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20th June 2005 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import
and distribution of jewellery, gold and precious stones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form : Limited Liability Company
Registration Date : 20th June 2005
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Distributors of jewellery, gold and precious stones.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ADDRESS
Registered & Physical Address
Building :
Area : Al Shakal Gold Souq, Deira
PO Box : 181328
Town :
Country :
Telephone : (971-4) 2354566 / 2354424
Facsimile : (971-4) 2269417
Email : svdmcc@yahoo.co.in
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
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Jayesh
Desai Managing
Director
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Vinod
Shah Director
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Viral
Shah Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : Subject was registered on 20th June 2005 and began commercial activities in February
2006
Legal Form :
Limited Liability Company
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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S
Vinodkumar Pvt Ltd 100%
Mumbai
Tel : (91-22) 3673724
Fax : (91-22) 3673680
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
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, gold and precious stones.
Import Countries
: Europe and
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
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Emirates
Bank International Ltd
PO Box : 2923
Deira
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.
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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)