MIRA
INFORM REPORT
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Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
MALABAR JEWELLERY LLC |
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Registered Office : |
Gold Centre, Al
Ras Street, Gold Souq, PO Box 90320,
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.03. 2007 |
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Com. Reg. No.: |
1006790, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery Items, Pearls and Precious
Stones, Crystal Ware and Watches |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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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$ 70,000 |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MALABAR JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th March 2007
Commercial Registration Number : 1006790, Dubai
Trade Licence Number : 592568
Chamber Membership Number : 116705
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Wholesale and retail of jewellery items, pearls and precious stones, crystal ware and watches
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 70,000
COMPANY NAME
MALABAR JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre
Street : Al Ras Street
Area : Gold Souq
PO Box : 90320
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353997
Facsimile : (971-4) 2353918
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
·
Nieshad
Atikuhy Indian Managing
Director
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Prampit Sham
Lal Indian Director
·
Abdulsalam
Kend Ampath Indian Director
·
Khalifa Bakhit
Bin Meskeen Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
March 2007
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1006790,
Dubai
Trade Licence No. : 592568
(Expires 11/03/2009)
Chamber Member No. : 116705
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Khalifa Bakhit
Bin Meskeen 51%
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Nieshad
Atikuhy 20%
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Prampit Sham
Lal 20%
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Abdulsalam
Kend Ampath 9%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery items, pearls and precious stones, crystal ware and
watches.
Import
Countries: China, Thailand
and India
Subject has a
workforce of 4 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken
in Dubai did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.73 |
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UK Pound |
1 |
Rs.80.57 |
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Euro |
1 |
Rs.64.29 |
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%)