MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
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Name : |
AATISH JEWELS LLC |
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Registered Office : |
Yousuf Mohamed
Bashouri Building, 4th Floor, Suite 401, Al Bateen Street, Al Bateen,
Gold Souq, Deira, PO Box 65163, Dubai |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.10.2005 |
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Com. Reg. No.: |
76864, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and Distribution of Jewellery, Diamonds, Precious Stones and Watches |
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 : AATISH JEWELS LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 24th October 2005
Commercial Registration Number : 76864,
Trade Licence Number : 574510
Chamber Membership Number : 101932
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Total Workforce : 12
Activities : Import and distribution of jewellery, diamonds, precious stones and watches
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Paras Mehta, Commercial Manager
COMPANY NAME
AATISH JEWELS LLC
ADDRESS
Registered &
Physical Address
Building :
Street :
Area : Al Bateen, Gold Souq, Deira
PO Box : 65163
Town :
Country :
Telephone : (971-4) 2291633
Facsimile : (971-4) 2295177
Email : aatish@eim.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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Rahul
Jitendra Mehta Indian Managing Director
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Melan
Kumar Muftelal Mehta Indian Director
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Gekarkumar
Kanayalal Daftari Indian Director
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Faisal
Mohamed Rashed Al Abdooli Emirati Director
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Paras Mehta Indian Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : 24th
October 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 76864,
Trade Licence No. : 574510
(Expires 23/10/2009)
Chamber Member No. : 101932
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
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Faisal Mohamed
Rashed Al Abdooli 51%
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Rahul
Jitendra Mehta 17%
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Melan
Kumar Muftelal Mehta 16%
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Gekarkumar
Kanayalal Daftari 16%
AFFILIATED COMPANIES
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Anmol Star DMCC
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Alpsdiam
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, diamonds, precious stones and watches.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 12 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 4,700,000 UAE Dh 8,000,000
Local sources consider
subject’s financial condition to be Fair.
BANKERS
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National
Bank of
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Aatish Jewels LLC
is a relatively new business with operations commencing in October 2005. It is
engaged in the import and distribution of jewellery, precious stones and
watches.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business 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.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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%)