MIRA
INFORM REPORT
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Report Date : |
11.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
UNIQUE DIAMOND & JEWELLERY TRADING LLC |
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Registered Office : |
Gold
Centre, Suite No. 98, 4th Floor, Zone IV, Al Khor Street, As Ras 34735,
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 : |
19th July 1998 |
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Com. Reg. No.: |
51428, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Retailers of jewellery, precious stones and watches. |
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 |
UNIQUE DIAMOND & JEWELLERY TRADING 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 |
19th July 1998 |
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Commercial Registration Number |
51428, Dubai |
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Trade Licence Number |
506631 |
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Membership Number |
50369 |
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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 |
5 |
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Line of Business |
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
UNIQUE
DIAMOND & JEWELLERY TRADING LLC
ADDRESS
Registered
& Physical Address
Building : Gold Centre, Suite No. 98, 4th
Floor, Zone IV
Street : Al Khor Street
Area : As Ras
PO Box : 34735
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2259715
Facsimile : (971-4) 2259533
Email : unidiam@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
Rajesh
Emichand Jean Indian Managing Director
Dershin
Resiklal Perikh Belgian Director
Abdullah
Ali Hassan Abdullah Emirati Director
LEGAL FORM & OWNERS
Date
of Establishment : 19th July 1998
Legal
Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial
Reg. No. : 51428, Dubai
Trade
Licence No. : 506631 (Expires 12th
July 2007)
Membership
No. : 50369
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Abdullah
Ali Hassan Abdullah 51%
Rajesh
Emichand Jean 39%
Dershin
Resiklal Perikh 10%
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
retail of jewellery, pearls and precious stones, diamonds, watches and
spare
parts.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 5 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
3,080,000 UAE
Dh 3,200,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
Mashreq
Bank Plc
Deira
Branch
PO Box :
1250
Dubai
Tel :
(971-4) 2229131 / 2221134
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1998, subject is involved in the wholesale and retail of jewellery, precious
stones and watches.
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$ 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 |