MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TWINKLE GEMS & JEWELLERY LLC |
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Registered Office : |
Al
Abbass Building, 2nd Floor, Behind Gold Souq, Al Soor
Street, Deira, PO Box 95652, 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 : |
03.07. 2005 |
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Com. Reg. No.: |
74942, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Jewellery, Watches 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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TWINKLE GEMS & JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd July 2005
Commercial Registration Number : 74942, Dubai
Trade Licence Number : 570974
Chamber Membership Number : 98861
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 6
Activities : Import and distribution of jewellery, watches and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
TWINKLE GEMS &
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Al Abbass Building,
2nd Floor, Behind Gold Souq
Street : Al
Soor Street
Area : Deira
PO Box : 95652
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2250099
Facsimile : (971-4) 2351957
Mobile : (971-50) 2041682
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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Shakeel Ahmed
Ansari Indian Managing
Director
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Malhotra
Rakesh Amritlal Malhotra Indian Director
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Ashok Kumar
Anopchand Gulechha Indian Director
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Suhaila Saeed
Bin Suhail Emirati Director
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Tabreez
Shakeel Ahmed Ansari - General
Manager
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Kaleem
Eddine - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 3rd
July 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 74942, Dubai
Trade Licence No. : 570974
(Expires 02/07/2008)
Chamber Member No. : 98861
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Suhaila Saeed
Bin Suhail 51%
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Shakeel Ahmed
Ansari 17%
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Malhotra
Rakesh Amritlal Malhotra 16%
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Ashok Kumar
Anopchand Gulechha 16%
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, watches and precious stones.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 15,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Tabreez Shakeel Ahmed
Ansari, General Manager.
BANKERS
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Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is involved in the import and distribution of jewellery, watches
and precious stones.
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%)