MIRA
INFORM REPORT
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Report Date : |
9th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
PURE GOLD JEWELLERS LLC |
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Registered Office : |
Al Musalla Tower,
Suite No. 1703, Khalid Ibn Al Waleed Street, Al Hamriya, P O Box: 1584, Dubai,
United Arab Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
21.11.1989 |
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Com. Reg. No.: |
40913, 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, watches precious stones and metals. |
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$ 250,000 |
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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 |
PURE GOLD JEWELLERS 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 |
21st November 1989 |
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Commercial
Registration Number |
40913, Dubai |
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Trade Licence
Number |
221080 |
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Membership Number |
17633 |
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Issued Capital |
UAE Dh 500,000 |
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Paid up Capital |
UAE Dh 500,000 |
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Total Workforce |
70 |
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Line of Business |
Distributors of jewellery, watches precious stones and metals. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
PURE GOLD JEWELLERS
LLC
ADDRESS
Registered & Physical Address
Building : Al Musalla Tower, Suite No. 1703
Street : Khalid Ibn Al Waleed Street
Area : Al Hamriya
PO Box : 15847
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3979300 / 3531700
Facsimile : (971-4) 3979400 / 3534500
Email : firoz@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Branch Offices
Subject has branch offices located in Dubai, Sharjah, Abu Dhabi, Al Ain,
Ras Al Khaimah, Oman, Kuwait, Bahrain and India.
KEY PRINCIPALS
Name Nationality Position
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Firoz Ghulam
Hussain Merchant Indian Managing Director
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Rozina Firoz
Merchant Indian Director
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Karim Firoz
Merchant Indian Director
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Faisal Hassan
Ibrahim Galadari Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 21st
November 1989
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40913, Dubai
Trade Licence No. : 221080
(Expires 21st October 2007)
Membership No. : 17633
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Faisal Hassan
Ibrahim Galadari 51%
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Firoz Ghulam
Hussain Merchant 17%
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Rozina Firoz
Merchant 16%
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Karim Firoz
Merchant 16%
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, watches precious stones and metals.
Import Countries
: Europe and the Far East.
Brand Names : PURE SPARKLE, MOSAICO, MURANO, PURE DIAMONDS,
PURE 22K and OYSTRA.
Subject has a
workforce of 70 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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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
Established in
1989, subject is involved in the import and distribution of jewellery, watches
precious stones and metals.
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
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 250,000
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%)