MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
JEWEL TRADING LLC |
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Registered Office : |
Gold Centre,
Ground Floor, Al Khor Street, Al Ras, PO Box
1167, 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 : |
19.12.1990 |
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Com. Reg. No.: |
52841, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Jewellery, Precious Stones,
Diamonds and Watches |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : JEWEL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th December 1990
Commercial Registration Number : 52841, Dubai
Trade Licence Number : 224009
Chamber Membership Number : 20294
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 25
Activities : Import and distribution of jewellery, precious stones, diamonds and watches
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
JEWEL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre, Ground Floor
Street : Al Khor Street
Area : Al Ras
PO Box : 1167
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253621 / 2253624
Facsimile : (971-4) 2259410
Email : jeweltrd@emirates.net.ae
Premises
Subject operates from
a medium sized suite of offices and a showroom that are rented and located in
the Central Business Area of Dubai.
Branch Office (s)
Subject operates a total of 7 showrooms – 5 within the Gold Centre, 1 in
the city centre, and 1 in Mina Bazar, Bur Dubai.
KEY PRINCIPALS
Name Nationality Position
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Shekhar
Vinendralal Patni Indian Managing
Director
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Vina Shekhar
Patni Indian Director
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Nasser
Abdullah Ahmed Al Dabal Emirati Director
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Mufadal
Mukhny - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 19th
December 1990
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52841, Dubai
Trade Licence No. : 224009
Chamber Member No. : 20294
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Nasser
Abdullah Ahmed Al Dabal 51%
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Shekhar
Vinendralal Patni 25%
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Vina Shekhar
Patni 24%
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, precious stones, diamonds and watches.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 25 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
26,700,000 UAE Dh
28,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Mufadal Mukhny,
Commercial Manager.
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
1990, subject is involved in the import and distribution of jewellery, precious
stones and watches.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
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%)