MIRA
INFORM REPORT
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Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DECENT DIAMOND & JEWELLERY LLC |
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Registered Office : |
Halima Sultan Aloais Building, 1st Floor, Suite 675, Murshid
Bazaar, Al Bateen, Gold Souq, Deira, PO Box
57941, 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 : |
22.09.2002 |
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Com. Reg. No.: |
60452, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and Retailers of Jewellery, Precious Stones,
Crystal Products 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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DECENT DIAMOND & JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd September 2002
Commercial Registration Number : 60452, Dubai
Trade Licence Number : 537703
Membership Number : 71888
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Line of Business : Wholesalers and retailers of jewellery, precious stones, crystal
products and watches.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DECENT DIAMOND & JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Halima
Sultan Aloais Building, 1st Floor, Suite 675
Street : Murshid
Bazaar
Area : Al Bateen,
Gold Souq, Deira
PO Box : 57941
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2291633
Facsimile : (971-4)
2295177
Email : decentjw@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
· Rahul Jitendra
Mehta Indian Managing Director
· Dilip Ramnikala
Shah Indian Director
· Mohamed Rashid
Mohamed Alabdouli Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 22nd
September 2002
Legal Form : Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 60452, Dubai
Trade Licence No. : 537703
Membership No. : 71888
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Mohamed Rashid
Mohamed Alabdouli 51%
· Dilip Ramnikala
Shah 25%
· Rahul Jitendra
Mehta 24%
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 wholesale and retail of jewellery,
precious stones, crystal products and watches.
Import Countries : Europe, South Africa and the Far East.
Operating Trend : Steady
Subject has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE
Dh 4,208,000 UAE
Dh 4,675,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4)
2256256 / 2256900
Fax : (971-4)
2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2002, subject is owned and managed by Mr Rahul Jitendra
Mehta and Mr Dilip Ramnikala Shah who are Indian nationals operating in Dubai
under the local sponsorship of Mr Mohamed Rashid Mohamed Alabdouli.
Local sources report that subject meets its payments in a timely manner
and 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. |
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%)