MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BELSTAR JEWELLERY LLC |
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Registered Office : |
Gold Centre, 5th
Floor, Suite No. 132, Zone 4, Al Khor Street, Gold Souq, Al Ras, Deira, PO
Box 64746 & 64717, 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 : |
12.05.2003 |
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Com. Reg. No.: |
62640, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Retail of Jewellery, Watches, Precious Stones
and Gift Items |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BELSTAR JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 12th May 2003
Commercial Registration Number : 62640, Dubai
Trade Licence Number : 544972
Chamber Membership Number : 77646
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Import and retail of jewellery, watches, precious stones and gift items
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
BELSTAR JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre, 5th Floor, Suite No.
132, Zone 4
Street : Al Khor Street
Area : Gold Souq, Al Ras, Deira
PO Box : 64746 & 64717
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2351515
Facsimile : (971-4) 2255228
Email : belstar@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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Manoj
Chabildas Shah Indian Managing Director
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Fardan
Abdullah Fardan Al Fardan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 12th
May 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 62640, Dubai
Trade Licence No. : 544972
(Expires 10/05/2009)
Chamber Member No. : 77646
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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Manoj
Chabildas Shah 49%
OPERATIONS
Activities: Engaged in the import and retail of
jewellery, watches, precious stones and gift items.
Import
Countries: Europe and the
Far East
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 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 3,600,000 UAE Dh 4,085,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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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
2003, subject is involved in the import and retail of jewellery, watches, precious
stones and gift items.
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. As such the above credit figure is
considered to be admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.16 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.95 |
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%)