MIRA
INFORM REPORT
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Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
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Name : |
ABIDA JEWELLERY LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.02.1999 |
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Com. Reg. No.: |
52403, |
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Legal Form : |
Limited Liability Company |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABIDA JEWELLERY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 24th February 1999
Commercial Registration Number : 52403,
Trade Licence Number : 510284
Chamber Membership Number : 53283
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Import and distribution of jewellery, watches and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Iqbal Habib Chithiwala, Managing Director
COMPANY NAME
ABIDA JEWELLERY LLC
ADDRESS
Registered &
Physical Address
Building :
Area : Deira
PO Box : 24682 & 34566
Town :
Country :
Telephone : (971-4) 2673634 / 2350400
Facsimile : (971-4) 2673884 / 2350404
Email : jewellery@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Iqbal
Habib Chithiwala Indian Managing
Director
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Fardan Abdullah
Al Fardan Emirati Director
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Dimple Sandeep - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 24th
February 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52403,
Trade Licence No. : 510284
(Expires 14/02/2009)
Chamber Member No. : 53283
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Fardan
Abdullah Al Fardan 51%
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Iqbal
Habib Chithiwala 49%
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, watches and precious stones.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/07:
Total Sales UAE
Dh 6,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Iqbal Habib Chithiwala, Managing Director
BANKERS
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Habib
Bank Ltd
Murshid Bazaar
Tel: (971-4) 2221281
Fax: (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency
GENERAL COMMENTS
Established in 1999,
subject is owned and managed by Mr Iqbal Habib Chithiwala, an Indian national
who operates in
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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1 |
Rs.75.54 |
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Euro |
1 |
Rs.63.12 |
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%)