MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
LUSTER TRADING CO LLC |
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Registered Office : |
Gold Land
Building, Office M 27, Al Khaleej Street, Naif, Al Daghya, PO Box 57942,
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 : |
10.04.2002 |
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Com. Reg. No.: |
58965, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of jewellery, diamonds, pearls and
precious stones |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : LUSTER TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th April 2002
Commercial Registration Number : 58965, Dubai
Trade Licence Number : 533087
Chamber Membership Number : 68148
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Wholesale and retail of jewellery, diamonds, pearls and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
LUSTER TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Gold Land Building, Office M 27
Street : Al Khaleej Street
Area : Naif, Al Daghya
PO Box : 57942
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2350612
Facsimile : (971-4) 2350623
Mobile : (971-50) 9947457
Email : lustertrading@hotmail.com
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
·
Madhuswdan
Manelal Kansara Indian Managing
Director
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Jay
Kumar Madhuswdan Manelal Kansara Indian Director
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Ahmed Abdullah
Ahmed Basaeed Aljessmi Emirati Director
·
Sunil
Shah - Commercial
Manager
·
Abdullah
Latif - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
April 2002
History : Subject was originally established in 2002
between the following shareholders:
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Ahmed Abdullah Ahmed Basaeed Aljessmi
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Mufadhel Mansoor Dahodwala
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Madhuswdan Manelal Kansara
However in December 2007 Mr Mufadhel Mansoor Dahodwala withdrew from the
company after assigning his shares to a new partner, namely Jay Kumar Madhuswdan Manelal Kansara.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 58965, Dubai
Trade Licence No. : 533087
(Expires 05/04/2009)
Chamber Member No. : 68148
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ahmed Abdullah
Ahmed Basaeed Aljessmi 51%
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Jay
Kumar Madhuswdan Manelal Kansara 25%
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Madhuswdan
Manelal Kansara 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, diamonds, pearls and precious stones.
Import
Countries: Europe and South
Africa
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 9,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Abdullah Latif,
Administration Manager.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2002, subject is involved in the wholesale and retail of jewellery and precious
stones importing them from Europe and South Africa.
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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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%)