MIRA
INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
OVISI JEWELLERY LLC |
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Registered Office : |
Yousuf Mohmood
Beshwari Building, Sikkat Al Khail Street, Gold Market, Deira, PO Box 33916, 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 : |
24.03.2004 |
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Com. Reg. No.: |
66565, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Jewellery 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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : OVISI JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th March 2004
Commercial Registration Number : 66565, Dubai
Trade Licence Number : 554772
Chamber Membership Number : 85677
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 10
Activities : Import and distribution of jewellery and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
OVISI JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Yousuf Mohmood Beshwari Building
Street : Sikkat Al Khail Street
Area : Gold Market, Deira
PO Box : 33916
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2295004
Facsimile : (971-4) 2291169
Mobile : (971-50) 7751937
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
·
Abbas Ali
Akbar Ovisi Esfahani Iranian Managing
Director
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Mohamed
Mahmood Abdullah Ali Al Zarooni Emirati Director
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Yusuf Mohamed - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
March 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 66565, Dubai
Trade Licence No. : 554772
(Expires 14/03/2009)
Chamber Member No. : 85677
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Mohamed
Mahmood Abdullah Ali Al Zarooni 51%
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Abbas Ali
Akbar Ovisi Esfahani 49%
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery and precious stones.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 10 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 13,800,000
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
Ovisi Jewellery LLC
commenced operations in March 2004 and is engaged in the import and
distribution of jewellery and precious stones.
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 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.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
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%)