MIRA
INFORM REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
BIN SABT JEWELLERY LLC |
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Registered Office : |
Ismail Nasralla
Alemadi Building, South Street, Naif, PO Box 844 & 25515, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
07.05. 1980 |
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Com. Reg. No.: |
40149, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution 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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BIN SABT JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 7th May 1980
Commercial Registration Number : 40149, Dubai
Trade Licence Number : 205718
Chamber Membership Number : 6670
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 27
Activities : Import and distribution of jewellery and precious stones.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 200,000
COMPANY NAME
BIN SABT JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Ismail Nasralla Alemadi Building
Street : South Street
Area : Naif
PO Box : 844 & 25515
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2285500 / 2261717 / 2246945 /
2246948
Facsimile : (971-4) 2241799 / 2256270
Email : pkintltd@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
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Bhagwandas
Purshottam Pavani Indian Managing
Director
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Pawani Harish
Purshottam Indian Director
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Pawani Mahesh
Chandra Purshottam Indian Director
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Salem Khamis
Sabt Al Suwaidi
Emirati Director
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Naresh
Ashar - Finance Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
May 1980
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40149, Dubai
Trade Licence No. : 205718
(Expires 19/04/2009)
Chamber Member No. : 6670
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Salem Khamis
Sabt Al Suwaidi 51.0%
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Bhagwandas
Purshottam Pavani 22.5%
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Pawani Harish
Purshottam 22.5%
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Pawani Mahesh
Chandra Purshottam 4.0%
AFFILIATED COMPANIES
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Bin Sabt
Traders LLC
Salem Khamis Sabt Building
Al Mussalla Street
Al Souq Al Kabir
PO Box: 2631
Dubai
Tel: (971-4) 3986612
Fax: (971-4) 3984973
Email: sabtmmk@emirates.net.ae
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery and precious stones.
Import
Countries: Europe and South
Africa.
Subject has a
workforce of 27 employees.
FINANCIAL DATA
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax
: (971-4) 5536962
Acc
No. 202983
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1980, subject is owned and managed by a number of Indian businessmen who
operate in Dubai under the local sponsorship of Mr Salem Khamis Sabt Al
Suwaidi.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. 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%)