MIRA
INFORM REPORT
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Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
VALLABA JEWELLERY LLC |
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Registered Office : |
Fatima Rahma Al Shamsi Building, Suite No. 3, Al Daghaya Street, Gold Souq, Deira, PO Box - 857 & 12495, Dubai |
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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 : |
05.07.2000 |
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Com. Reg. No.: |
54860, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesalers and retailers of jewellery, precious stones and watches |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$ 100,000 |
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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 |
VALLABA 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 |
5th July 2000 |
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Commercial Registration Number |
54860, Dubai |
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Trade Licence Number |
519673 |
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Membership Number |
59371 |
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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 |
Wholesalers and retailers of jewellery, precious stones and watches. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
VALLABA JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Fatima Rahma Al Shamsi Building,
Suite No. 3
Street : Al Daghaya
Street
Area : Gold Souq, Deira
PO Box : 857 & 12495
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2290686 / 3930585
Facsimile : (971-4) 3931028
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
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Venkata
Chalam Srinivasan Indian Managing Director
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Ahmed
Obaid Al Shaikh Juma Al
Mansoori Emirati Director
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Omima
Zaki - Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th July 2000
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 54860, Dubai
Trade Licence No. : 519673 (Expires 3rd July 2006)
Membership No. : 59371
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ahmed
Obaid Al Shaikh Juma Al Mansoori 51%
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Venkata
Chalam Srinivasan 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
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Emirates
Industrial Gases Co LLC (EIGCO)
Sheikh Zayed Road
Al Quoz Industrial Area
PO Box: 3763
Dubai
Tel :
(971-4) 2660649
Fax :
(971-4) 2664168
The above company is owned 51% by Mr Ahmed Obaid Al Shaikh Juma Al
Mansoori.
LINE OF BUSINESS
Operations
: Engaged in the
retail of jewellery items, pearls and precious stones, as well as watches
and spare parts.
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 2,600,000 UAE Dh 3,010,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2000, subject is owned and managed by Mr Venkata Chalam Srinivasan, an Indian national who operates in Dubai under the local sponsorship of Mr Ahmed Obaid Al Shaikh Juma Al Mansoori.
According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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 |