MIRA INFORM REPORT

Report Date :

16.01.2007

IDENTIFICATION DETAILS

Name :	AL NEEL DIAMOND & JEWELLERY LLC
Registered Office :	302 Yousuf Mohamed Bashori Building, Gold Souq, Al Bateen, Deira, P O Box 64746, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2004
Date of Incorporation :	11^th January 2004
Com. Reg. No.:	65544
Legal Form :	Limited Liability Company - LLC
Line of Business :	Retail of jewellery, precious stones, watches, crystal products and gift items.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 100,000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name : AL NEEL DIAMOND & JEWELLERY LLC

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 11^th January 2004

Commercial Registration Number : 65544, Dubai

Trade Licence Number : 552434

Membership Number : 83577

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 4

Line of Business : Retailers of jewellery, precious stones, watches, crystal

products and gift items.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

AL NEEL DIAMOND & JEWELLERY LLC

ADDRESS

Registered & Physical Address

Building : 302 Yousuf Mohamed Bashori Building

Location : Gold Souq

Area : Al Bateen, Deira

PO Box : 64746

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2351515 / 2263145

Facsimile : (971-4) 2251411

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

· Beraj Mukaish Mahta Indian Managing Director

· Aji Denesh Shandra Shah Indian Director

· Laila Abdullah Fardan Ali Emirati Director

LEGAL FORM & OWNERS

Date of Establishment : 11^th January 2004

Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

Commercial Reg. No. : 65544, Dubai

Trade Licence No. : 552434 (Expires 10^th January 2008)

Membership No. : 83577

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Laila Abdullah Fardan Ali 51%

· Beraj Mukaish Mahta 25%

· Aji Denesh Shandra Shah 24%

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, precious stones, watches, crystal products and gift items.

Import Countries : Europe and the Far East.

Subject has a workforce of 4 employees.

FINANCIAL HIGHLIGHTS

Financial highlights provided by outside sources are given below :

Currency : United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/04:

Total Revenue UAE Dh 3,000,000

Local sources consider subject’s financial condition to be Fair.

BANKERS

· Bank of Baroda

PO Box : 3162

Dubai

Tel : (971-4) 5531955

Fax : (971-4) 5536962

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Opinion on the credit figure of US$ 150,000

Al Neel Diamond & Jewellery LLC is a relatively new business with operations commencing in 2004. It is engaged in the retail of jewellery, precious stones, watches, crystal products and gift items.

According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.

Maximum suggested credit figure: US$ 100,000

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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