MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAAZNEE JEWELLERY LLC |
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Registered Office : |
Gold Land Building, Shop No. 29, Al Khor Street, Al Daghaya, Deira, P
O Box: 35374, 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 : |
05.01.2003 |
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Com. Reg. No.: |
61680, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail 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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
NAAZNEE JEWELLERY LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
5th January 2003
Commercial Registration Number :
61680, Dubai
Trade Licence Number :
541856
Chamber Membership Number :
75190
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
8
Activities :
Wholesale and retail of jewellery, precious stones and watches
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit :
US$ 150,000
COMPANY NAME
NAAZNEE JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Gold Land
Building, Shop No. 29
Street : Al Khor
Street
Area : Al Daghaya,
Deira
PO Box : 35374
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2254486
Facsimile : (971-4)
2255909
Mobile : (971-50)
6582319
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
Seeni Sulaiman S Seeni Indian Managing Director
Mir Alfaz Hussain
Indian Director
Faisal Abdulaziz Abdullah Jaffar Al Zarooni Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 5th
January 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 61680, Dubai
Trade Licence No. : 541856 (Expires
02/02/2009)
Chamber Member No. : 75190
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Faisal Abdulaziz Abdullah Jaffar Al Zarooni 51%
Seeni Sulaiman S Seeni 25%
Mir Alfaz Hussain 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery, precious stones and
watches.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 8 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 8,900,000 UAE Dh
11,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
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.
Date of transaction September
2006
Credit amount 150,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)