MIRA
INFORM REPORT
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Report Date : |
08.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLOBEX JEWELS LLC |
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Registered Office : |
Royal Diamond Centre, 1st Floor, Office No. 102, Gold Souq,
PO Box 1657, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.11.2006 |
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Com. Reg. No.: |
1001499 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of jewellery, precious stones, watches and gift items. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
GLOBEX JEWELS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
12th November 2006
Commercial Registration Number :
1001499, Dubai
Trade Licence Number :
587873
Membership Number :
112583
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
5
Line of Business :
Distributors of jewellery, precious stones, watches and gift items.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
GLOBEX JEWELS LLC
ADDRESS
Registered & Physical Address
Building : Royal
Diamond Centre, 1st Floor, Office No. 102
Area : Gold Souq
PO Box : 1657
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2269808
Facsimile : (971-4)
3360044
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Anoj Harshad Shah Indian Managing Director
· Hamda Fardan
Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 12th
November 2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1001499, Dubai
Trade Licence No. : 587873
Membership No. : 112583
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Hamda Fardan
Abdullah 51%
· Anoj Harshad Shah 49%
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, watches and gift items.
Import Countries : Europe and the Far East.
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
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
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.
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%)