MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF BEAUTY JEWELLERY LLC |
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Registered Office : |
Al Attar Shopping Centre, Shop No. 22, Almina Road, New Gold Souq, Bur Dubai, PO Box: 64957, 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 : |
14.07.2003 |
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Com. Reg. No.: |
63358, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail of jewellery items, 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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF BEAUTY JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th July 2003
Commercial Registration Number : 63358, Dubai
Trade Licence Number : 510148
Chamber Membership Number : 79309
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Wholesale and retail of jewellery items, pearls and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GULF BEAUTY JEWELLERY LLC
ADDRESS
Registered &
Physical Address
Building : Al Attar Shopping Centre, Shop No. 22
Street : Almina Road
Area : New Gold Souq, Bur Dubai
PO Box : 64957
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3989016
Facsimile : (971-4) 3989017
Email : gbjewlry@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
Fijay Kumar Jeramdas Dawda Indian Managing Director
Vishal Ashwin Joladya Indian Director
Saleh Abdullah Mohamed Mahmood Arjumand Emirati Director
Rajan Modi - Sales Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th July 2003
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 63358, Dubai
Trade Licence No. : 510148
Chamber Member No. : 79309
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Saleh Abdullah Mohamed Mahmood Arjumand 51%
Fijay Kumar Jeramdas Dawda 25%
Vishal Ashwin Joladya 24%
AFFILIATED COMPANIES
Kiah Diamond & Jewellery
Bombay
India
OPERATIONS
Activities :
Engaged in the wholesale and retail of jewellery items, pearls and precious
stones.
Import Countries :
Europe, South Africa and Asia
Operating Trend : Steady
Subject has a workforce of 4 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 9,000,000 UAE Dh 11,800,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Rajan Modi, Sales Manager.
BANKERS
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
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%)