MIRA
INFORM REPORT
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Report Date : |
01.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
TASMI JEWELS LLC |
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Registered Office : |
The Gold Centre,
1st Floor, Suite F5, Al Khor Street, Al Ras, Deira, PO Box 45907, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
25.02.2004 |
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Com. Reg. No.: |
66214, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery, Gold, Watches, Precious Stones and Crystal Products |
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 : TASMI JEWELS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th February 2004
Commercial Registration Number : 66214, Dubai
Trade Licence Number : 553950
Chamber Membership Number : 84792
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Wholesale and retail of jewellery, gold, watches, precious stones and crystal products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
TASMI JEWELS LLC
ADDRESS
Registered & Physical Address
Building : The Gold Centre, 1st Floor, Suite
F5
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 45907
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4526789 / 2352510
Facsimile : (971-4) 2352511
Mobile : (971-50) 8048431
Email : tasmi@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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Minesh
Mulchand Shah Indian Managing
Director
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Shah Ashit
Mulchand Indian Director
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Fardan
Abdullah Fardan Al Fardan Emirati Director
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Chirak
Shah - Sales
Manager
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Amit
Viaz - Administration
Officer
LEGAL FORM & OWNERS
Date of Establishment : 25th
February 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 66214, Dubai
Trade Licence No. : 553950
(Expires 24/02/2009)
Chamber Member No. : 84792
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Fardan
Abdullah Fardan Al Fardan 51%
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Minesh
Mulchand Shah 25%
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Shah Ashit
Mulchand 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, gold, watches, precious stones and crystal products.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
Local sources
contacted the subject and spoke to Mr Chirak Shah,
Sales Manager, but he refused to divulge any financial information.
BANKERS
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National Bank
of Ras Al Khaimah
PO Box : 1531
Dubai
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
2004, subject is involved in the import and distribution of jewellery, watches,
precious stones and crystal products.
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.43.27 |
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UK Pound |
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.24 |
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%)