MIRA
INFORM REPORT
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Report Date : |
27.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEENA JEWELLERS LLC |
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Registered Office : |
Cosmos Lane, Al Souq Al Kabir, Bur Dubai, PO Box 43255, 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 : |
07.12.1993 |
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Com. Reg. No.: |
41313, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery Items and Precious
Stones. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MEENA JEWELLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th December 1993
Commercial Registration Number : 41313, Dubai
Trade Licence Number : 232756
Chamber Membership Number : 28938
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 50
Activities : Wholesale and retail of jewellery items and precious stones.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MEENA JEWELLERS LLC
ADDRESS
Registered & Physical Address
Street : Cosmos Lane
Area : Al Souq Al
Kabir, Bur Dubai
PO Box : 43255
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3538687 / 3510662
Facsimile : (971-4) 3533110 / 3515488
Mobile : (971-50) 6448612
Email : meena786@gmail.com
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)
Location Description
· Al
Fahaidi Street 2
Storey showroom premises
Dubai
KEY PRINCIPALS
Name Nationality Position
· Sanjay Laxchmanda
Jethwani Indian Managing
Director
· Lachmandas Chander
Das Indian Director
· Vinjay Kumar
Vvinaykumar Doulatram Jethwani Indian Director
· Mohamed Abdullah
Ahmad Al Mulla Emirati Director
· Kapul
Jitwani - Sales
Manager
· Ravi
Kapadia - Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 7th
December 1993
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 41313, Dubai
Trade Licence No. : 232756 (Expires 05/12/2010)
Chamber Member No. : 28938
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
· Mohamed Abdullah
Ahmad Al Mulla 51%
· Sanjay Laxchmanda
Jethwani 19%
· Lachmandas Chander
Das 15%
· Vinjay Kumar
Vvinaykumar Doulatram Jethwani 15%
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery items and precious
stones.
Import Countries: India, France and Southeast Asia.
Operating Trend: Steady
Subject has a workforce of 50 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:
sales UAE
Dh 189,000,000 UAE Dh
195,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
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
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.
The financial data given in the report has been verified by Mr Ravi Kapadia – Finance Manager.
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%)