MIRA
INFORM REPORT
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Report Date : |
29.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINE ART JEWELLERY LLC |
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Registered Office : |
Yousuf Mohamed
Beshwari Building, 1st Floor, Suite 101, Al Bateen Street, Old Gold
Souq, Al Bateen, Deira, PO Box 44537, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10.07. 2002 |
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Com. Reg. No.: |
59880, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors 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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FINE ART JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 10th July 2002
Commercial Registration Number : 59880, Dubai
Trade Licence Number : 535726
Membership Number : 70260
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 7
Line of Business : Distributors of jewellery, watches, precious stones and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FINE ART JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Yousuf Mohamed Beshwari Building, 1st
Floor, Suite 101
Street : Al Bateen Street
Area : Old Gold Souq, Al Bateen,
Deira
PO Box : 44537
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2267001
Facsimile : (971-4) 2262591
Email : fineartj@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
·
Ketan Mohan
Lal Patel Indian Managing Director
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Ali Yousuf
Moosa Yousuf Al Marzouqi Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 10th
July 2002
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 59880, Dubai
Trade Licence No. : 535726
(Expires 8th July 2008)
Membership No. : 70260
Issued Capital : UAE Dh 300,000
Paid up Capita l : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Ali Yousuf
Moosa Yousuf Al Marzouqi 51%
·
Ketan Mohan
Lal Patel 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, watches, precious stones and gift items.
Import Countries
: Europe and the Far East.
Operating Trend : Steady
Subject has a
workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Sales UAE Dh 3,600,000 UAE Dh
4,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax
: (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2002, subject is owned and managed by Mr Ketan Mohan Lal Patel, an Indian
national who operates in Dubai under the local sponsorship of Mr Ali Yousuf
Moosa Yousuf Al Marzouqi.
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.42.54 |
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UK Pound |
1 |
Rs.84.86 |
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Euro |
1 |
Rs.66.95 |
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%)