MIRA INFORM REPORT

 

 

Report Date :           

29.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MALABAR JEWELLERY LLC

 

 

Registered Office :

Al Fahidi Street,: Souk Al Kabeer, Bur Dubai, P O Box 90320, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

15.03.2007

 

 

Com. Reg. No.:

1006790, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of jewellery items, pearls and precious stones, crystal

ware and watches

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : MALABAR JEWELLERY LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 15th March 2007

Commercial Registration Number            : 1006790, Dubai

Trade Licence Number                            : 592568

Chamber Membership Number                : 116705

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 90

Activities                                               : Wholesale and retail of jewellery items, pearls and precious stones,

crystal ware and watches

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Sheikh Sarfaz, Purchasing Manager

 

 

 

 

COMPANY NAME

 

MALABAR JEWELLERY LLC

 

 

compaNY ADDRESS

 

Registered & Physical Address

Street               : Al Fahidi Street

Area                 : Souk Al Kabeer, Bur Dubai

PO Box             : 90320

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3540123

Facsimile          : (971-4) 3540234

Email                : malabarg@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.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Gold Centre, Office No. M51 & M52                                                    Rented showroom premises

     Al Ras Street

     Deira

     Dubai

     Tel: (971-4) 2353997

     Fax: (971-4) 2353918

 

·       Quasis Street                                                                                   Rented showroom premises

Deira

     Dubai

 

·       Al Ain                                                                                               Rented showroom premises

Tel: (971-3) 7640916

 

·       Sharjah                                                                                            Rented showroom premises

Tel: (971-6) 5639162

 

·       Ajman                                                                                              Rented showroom premises

Tel: (971-6) 7422216

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Nieshad Atikuhy                                               Indian                         Managing Director

 

·       Prampit Sham Lal                                            Indian                         Director

 

·       Abdulsalam Kend Ampath                                 Indian                         Director

 

·       Abdul Nasser Razzak Razouqi                         Emirati                        Director

 

·       Abdul Rashid Mohamed                                        -                            Finance Manager

 

·       Mohamed Zahir                                                    -                            Sales Manager

 

·       Sheikh Sarfaz                                                      -                            Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th March 2007

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1006790, Dubai

 

Trade Licence No.       : 592568

 

Chamber Member No. : 116705

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                               Percentage

 

·       Abdul Nasser Razzak Razouqi                                        51%

 

·       Nieshad Atikuhy                                                             20%

 

·       Prampit Sham Lal                                                          20%

 

·       Abdulsalam Kend Ampath                                                 9%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of jewellery items, pearls and precious stones, crystal ware and

     watches.

 

Import Countries: China, Thailand and India

 

Subject has a workforce of 90 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/03/09:                Year Ending 31/03/10:

 

Total Sales                                UAE Dh 144,000,000                  UAE Dh 146,700,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures were confirmed by Mr Sheikh Sarfaz, Purchasing Manager

 

 

BANKERS

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

Fax: (971-4) 2233784

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.74.14

Euro

1

Rs.65.78

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.