MIRA
INFORM REPORT
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Report Date : |
07.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAYONA GEMS LLC |
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Registered Office : |
Nasser Abdullah
Bin Hussain Lootah Building, 2nd Floor, Office No. 5, Al Ras
Street, Gold Souq, PO Box 57651, 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 : |
15.03. 2005 |
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Com. Reg. No.: |
72769, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Retail of Jewellery 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 : SHAYONA GEMS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th March 2005
Commercial Registration Number : 72769, Dubai
Trade Licence Number : 566801
Chamber Membership Number : 95513
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Import and retail of jewellery and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SHAYONA GEMS LLC
ADDRESS
Registered & Physical Address
Building : Nasser Abdullah Bin Hussain Lootah Building,
2nd Floor, Office No. 5
Street : Al Ras Street
Area : Gold Souq
PO Box : 57651
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353286
Facsimile : (971-4) 2353287
Mobile : (971-50) 7357235
Email : shayonag@eim.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
·
Eshwarbhai
Tulishibhai Kikani Indian Managing
Director
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Hamdan Mohamed
Essa Al Samt Emirati Director
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Mayor Ashok
Bhaisorani - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 15th
March 2005
History : Subject was established in 2005 and was
registered between the following
shareholders:
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Eshwarbhai Tulishibhai Kikani
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Devendra Kumar Karshenbhai Kikani
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Hamdan Mohamed Essa Al Samt
However in December 2006 Mr Devendra Kumar
Karshenbhai Kikani left the
company and it was
re-registered between the existing shareholders.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 72769, Dubai
Trade Licence No. : 566801
(Expires 14/03/2009)
Membership No. : 95513
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Hamdan Mohamed
Essa Al Samt 51%
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Eshwarbhai
Tulishibhai Kikani 49%
OPERATIONS
Activities: Engaged in the import and retail of
jewellery and precious stones.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 3 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
15,000,000 UAE Dh
18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Eshwarbhai Tulishibhai Kikani.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
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%)