MIRA
INFORM REPORT
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Report Date : |
14th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SPARKLE
JEWELLERY LLC |
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Registered Office : |
Gold
Land Building, 3rd Floor, Flat No. 316, Al Khaleej Street, Al
Daghaya - 21112, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
07.02.2001 |
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Com. Reg. No.: |
55996,
Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of jewellery 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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Maximum Credit Limit : |
US$
150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
SPARKLE JEWELLERY LLC |
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Country
of Origin |
Dubai, United Arab Emirates |
|
Legal
Form |
Limited Liability Company - LLC |
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Registration
Date |
7th February 2001 |
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Commercial
Registration Number |
55996, Dubai |
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Trade
Licence Number |
524116 |
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Membership
Number |
62219 |
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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 |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
SPARKLE
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Gold Land Building, 3rd
Floor, Flat No. 316
Street : Al Khaleej Street
Area : Al Daghaya
PO Box : 21112
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350052
Facsimile : (971-4) 2350054
Email : sparkle_jew@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
·
Parekh
Kamlesh Shailemdra Indian Managing Director
·
Ibrahim
Mohamed Ghuloom Al Sayegh Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 7th February 2001
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 55996, Dubai
Trade Licence No. : 524116 (Expires 5th February
2007)
Membership No. : 62219
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ibrahim
Mohamed Ghuloom Al Sayegh 51%
·
Parekh
Kamlesh Shailemdra 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.
AFFILIATED COMPANIES
·
Ibrahim
Al Sayegh Jewellery
Gold Land Building, 3rd Floor,
Flat No. 316
Al Khaleej Street
Al Daghaya
PO Box : 21112
Dubai
Tel : (971-4) 2350052 / 2350606
Fax : (971-4) 2350054
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of jewellery and precious stones.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 6 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
4,280,000 UAE
Dh 4,530,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib
Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2001, subject is owned and managed by Mr Parekh Kamlesh Shailemdra, an
Indian national who operates in Dubai under the local sponsorship of Mr Ibrahim
Mohamed Ghuloom Al Sayegh.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the business is considered to be a fair trade risk and the above credit
figure is deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 150,000
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 |