MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Name : |
K G N GEMS & JEWELLERY LLC |
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Registered Office : |
Al Daghaya
Building, 1st Floor, Suite 103, Al Daghaya, Deira, PO Box 119322,
Dubai |
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Country : |
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Date of Incorporation : |
22.11. 2007 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery, Pearls and Precious Stones,
Giftware, |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : K G N GEMS & JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd November 2007
Trade Licence Number : 603392
Chamber Membership Number : 126438
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 2
Activities : Wholesale and retail of jewellery, pearls and precious stones, giftware,
crystal products, watches and spare parts
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Daya Lal Jaipal, Director
COMPANY NAME
K G N GEMS &
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Al Daghaya Building, 1st
Floor, Suite 103
Area : Al Daghaya, Deira
PO Box : 119322
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2265347
Facsimile : (971-4) 2265341
Mobile : (971-50) 2004784
Email : kgngems@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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Mokana
Ram Indian Managing Director
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Daya
Lal Jaipal Indian Director
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Jassim
Hassan Juma Mohamed Hussain Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 22nd
November 2007
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 603392
(Expires 21/11/2008)
Chamber Member No. : 126438
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Jassim
Hassan Juma Mohamed Hussain 51%
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Mokana
Ram 25%
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Daya
Lal Jaipal 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery,
pearls and precious stones, giftware, crystal products, watches and spare
parts.
Import
Countries: India, Japan and
Europe.
Subject has a
workforce of 2 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.29 |
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UK Pound |
1 |
Rs.80.40 |
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Euro |
1 |
Rs.63.35 |
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%)