MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
UNIQUE DIAMOND AND JEWELLERY TRADING LLC |
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Registered Office : |
New Gold Centre, Suite No. 98, 4th Floor, Zone IV, Al Khor Street,
As Ras, P O Box 34735, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.07.1998 |
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Com. Reg. No.: |
51428 |
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Legal Form : |
Limited Liability Company |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : UNIQUE DIAMOND & JEWELLERY TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th July 1998
Commercial Registration Number : 51428, Dubai
Trade Licence Number : 506631
Membership Number : 50369
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Line of Business : Retailers of jewellery, precious stones and watches.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
UNIQUE DIAMOND & JEWELLERY TRADING LLC
ADDRESS
Registered & Physical Address
Building : New 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
Mobile : (971-50)
6556341
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 2008)
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 6 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 3,200,000 UAE
Dh 3,700,000
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.
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. |
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%)