MIRA
INFORM REPORT
|
Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AATISH JEWELS LLC |
|
|
|
|
Registered Office : |
Yousuf Mohamed
Bashouri Building, Suite 401, Al Bateen Street, Al Bateen, Gold Souq, P O Box
65163, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
24th October 2005 |
|
|
|
|
Com. Reg. No.: |
76864, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of jewellery, precious stones and watches. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AATISH JEWELS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th October 2005
Commercial Registration Number : 76864, Dubai
Trade Licence Number : 574510
Membership Number : 101932
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 12
Line of Business : Distributors of jewellery, precious stones and watches.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AATISH JEWELS LLC
ADDRESS
Registered & Physical Address
Building : Yousuf Mohamed Bashouri Building,
Suite 401
Street : Al Bateen Street
Area : Al Bateen, Gold Souq
PO Box : 65163
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2291633
Facsimile : (971-4) 2295177
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
·
Melan Kumar
Muftelal Mehta Indian Director
·
Gekarkumar
Kanayalal Daftari Indian Director
·
Faisal Mohamed
Rashed Al Abdooli Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 24th
October 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 76864, Dubai
Trade Licence No. : 574510
(Expires 23rd October 2008)
Membership No. :
101932
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s)
Percentage
·
Faisal Mohamed
Rashed Al Abdooli 51%
·
Rahul Jitendra
Mehta 17%
·
Melan Kumar
Muftelal Mehta 16%
·
Gekarkumar
Kanayalal Daftari 16%
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 import and distribution of
jewellery, precious stones and watches.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 12 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06:
Total Revenue UAE Dh
4,700,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
National Bank
of Dubai
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Aatish Jewels LLC
is a relatively new business with operations commencing in October 2005. It is
engaged in the import and distribution of jewellery, precious stones and
watches.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments are
fulfilled. As such the business is considered to be a fair trade risk.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)