MIRA
INFORM REPORT
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Report Date : |
31.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
TWINKLE GEMS & JEWELLERY LLC |
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Registered Office : |
Gold Land, Suite No. 129, Al Daghaya, P.O. Box 95652, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
03.07.2005 |
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Com. Reg. No.: |
74942, Dubai |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Distributors of jewellery, watches 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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : TWINKLE GEMS & JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd July 2005
Commercial Registration Number : 74942, Dubai
Trade Licence Number : 570974
Membership Number : 98861
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 6
Line of Business : Distributors of jewellery, watches and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
TWINKLE GEMS & JEWELLERY LLC
ADDRESS
Registered &
Physical Address
Building : Gold Land, Suite No. 129
Area : Al Daghaya
PO Box : 95652
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2250099
Facsimile : (971-4) 2351957
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
Shakeel Ahmed Ansari Indian Managing Director
Malhotra Rakesh Amritlal Malhotra Indian Director
Ashok Kumar Anopchand Gulechha Indian Director
Suhaila Saeed Bin Suhail Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 3rd July 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 74942, Dubai
Trade Licence No. : 570974 (Expires 2nd July 2008)
Membership No. : 98861
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder
(s) Percentage
Suhaila Saeed Bin Suhail 51%
Shakeel Ahmed Ansari 17%
Malhotra Rakesh Amritlal Malhotra 16%
Ashok Kumar Anopchand Gulechha 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 and precious stones.
Import Countries : Europe and the Far East.
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 31/12/06 :
Total Revenue UAE Dh 4,150,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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 2005, subject is involved in the import and distribution of jewellery, watches and precious stones.
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.
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%)