MIRA
INFORM REPORT
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Report Date : |
23rd February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
KALOTI JEWELLERY LLC |
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Registered Office : |
Gold Centre, Al
Khor Street, Al Ras, PO Box: 7913, Dubai, United Arab Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
03.04.1989 |
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Com. Reg. No.: |
41891, Dubai |
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Legal Form : |
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC) |
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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 : |
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$ 125,000 |
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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 |
KALOTI JEWELLERY 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 |
3rd April 1989 |
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Commercial
Registration Number |
41891, Dubai |
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Trade Licence
Number |
219223 |
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Membership Number |
15479 |
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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 |
12 |
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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
KALOTI JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre
Street : Al Khor Street
Area : Al Ras
PO Box : 7913
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2254092
Facsimile : (971-4) 2254147
Email : kalotico@emirates.net.ae
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
·
Munir Ragheb
Kaloti Jordanian Managing Director
·
Mohamed Saeed
Hareb Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd
April 1989
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41891, Dubai
Trade Licence No. : 219223
(Expires 29th March 2010)
Membership No. : 15479
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mohamed Saeed
Hareb 51%
·
Munir Ragheb
Kaloti 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.
Operating Trend
: Steady
Subject has a
workforce of 12 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 5,290,000 UAE Dh
5,440,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab Bank Plc
Ittihad Street
PO Box : 11364
Dubai
Tel :
(971-4) 2228845
Fax :
(971-4) 2285974 / 2940847
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1989,
subject is owned and managed by Mr Munir Ragheb Kaloti, a Jordanian national
who operates in Dubai under the local sponsorship of Mr Mohamed Saeed Hareb.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 125,000
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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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%)
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