MIRA
INFORM REPORT
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Report Date : |
16.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAHEEN JEWELLERY LLC |
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Registered Office : |
China Tower, A
Wing, Suite No. 805, Baniyas Road, Nasser Square, Deira, PO Box 36388 &
241103, 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 : |
28.05.2006 |
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Com. Reg. No.: |
81107, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Jewellery, 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 : SHAHEEN JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 28th May 2006
Commercial Registration Number : 81107, Dubai
Trade Licence Number : 581859
Chamber Membership Number : 107901
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Import and distribution of jewellery, precious stones and watches
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Mrs Alka Amidas Shah, Director
COMPANY NAME
SHAHEEN JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : China Tower, A Wing, Suite No.
805
Street : Baniyas Road
Area : Nasser Square, Deira
PO Box : 36388 & 241103
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2340692 / 2340697 / 2340698
Facsimile : (971-4) 2340689
Email : shaheenjewels@gmail.com
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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Jawaharlal
Shivrajnath Indian Managing Director
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Mrs Alka
Amidas Shah Indian Director
·
Abdullah Mirza
Mohamed Hassan Shaheen Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 28th
May 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 81107, Dubai
Trade Licence No. : 581859
(Expires 27/05/2009)
Chamber Member No. : 107901
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Abdullah Mirza
Mohamed Hassan Shaheen 51%
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Jawaharlal
Shivrajnath 48%
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Mrs Alka
Amidas Shah 1%
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, precious stones and watches.
Import
Countries: India, Bangkok,
Hong Kong, China & Italy
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 31/12/07:
Total Sales UAE
Dh 14,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mrs Alka Amidas Shah, Director.
BANKERS
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Shaheen Jewellery
LLC is a relatively new business with operations
commencing in May 2006. 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 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.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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%)