MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNION JEWELLERS LLC |
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Registered Office : |
Gold
Centre, Office 94, Zone 3,
Deira, PO Box 50084, 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 : |
17.01.1983 |
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Com. Reg. No.: |
41927, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery, Gold 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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Maximum Credit Limit : |
US$ 800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : UNION JEWELLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th January 1983
Commercial Registration Number : 41927, Dubai
Trade Licence Number : 201307
Chamber Membership Number : 10033
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 20
Activities : Wholesale and retail of jewellery, gold and precious stones
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
COMPANY NAME
UNION JEWELLERS LLC
ADDRESS
Registered & Physical
Address
Building : Gold
Centre, Office 94, Zone 3
Area : Deira
PO Box : 50084
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2265192
Facsimile : (971-4) 2266754
Mobile : (971-50) 3453765
Email : unijewel@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.
KEY PRINCIPALS
Name Nationality Position
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Pahlajani
Ashok Kotomal Indian Managing
Director
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Mahesh
Shankaradas Pahlajani
Indian Director
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Rashid Bakhit
Rashid Al Jumairi Emirati Director
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S.
Padam - Finance
Manager
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S.
A. Shati - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
January 1983
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41927, Dubai
Trade Licence No. : 201307
(Expires 07/01/2011)
Chamber Member No. : 10033
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Rashid Bakhit Rashid
Al Jumairi 51%
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Pahlajani
Ashok Kotomal 25%
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Mahesh
Shankaradas Pahlajani 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, gold and precious stones.
Import
Countries: India and
Thailand
Operating Trend: Steady
Subject has a
workforce of 20 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
79,800,000 UAE Dh
86,100,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by S. A. Shati, Commercial
Manager.
BANKERS
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Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is 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%)