MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
STAR LIGHT JEWELLERY LLC |
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Registered Office : |
Zahrah Mohamed
Hussain Building, Flat No. 101, Al Khor Street, Al Shamak, Gold Souk, Al Ras,
PO Box 43955, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.11. 2001 |
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Com. Reg. No.: |
57904, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and Retailers of Jewellery, Pearls and
Precious Stones, Watches and Spare Parts. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : STAR LIGHT JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th November 2001
Commercial Registration Number : 57904, Dubai
Trade Licence Number : 530343
Chamber Membership Number : 65980
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 9
Activities : Wholesalers and retailers of jewellery, pearls and precious stones, watches and spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
STAR LIGHT
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Zahrah Mohamed Hussain Building,
Flat No. 101
Street : Al Khor Street
Area : Al Shamak, Gold Souk, Al Ras
PO Box : 43955
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262252
Facsimile : (971-4) 2267662
Email : hiten-p@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
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Panedya
Hetendar Narmada Shanker Indian Managing Director
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Essa Hassan
Ali Al Dhawadi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 18th
November 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 57904, Dubai
Trade Licence No. : 530343
(Expires 11/11/2009)
Chamber Member No. : 65980
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Essa Hassan
Ali Al Dhawadi 51%
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Panedya
Hetendar Narmada Shanker 49%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, pearls and precious stones, watches and spare parts.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 9 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 5,600,000 UAE Dh 6,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Banque Paribas
Twin Towers, 14th Floor
Baniyas Street
PO Box 7233
Dubai
Tel:
(971-4) 2525929
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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
Established in
2001, subject is owned and managed by Mr Panedya Hetendar Narmada Shanker, an
Indian national who operates in Dubai under the local sponsorship of Mr Essa
Hassan Ali Al Dhawadi.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)