MIRA INFORM REPORT

 

 

Report Date :

05.01.2011

 

IDENTIFICATION DETAILS

 

Name :

GULF BEAUTY JEWELLERY LLC

 

 

Registered Office :

Heirs of Hamil Bin Majid Al Qaisi Building, Office No. 132, Al Dhaghaya, P O Box 64957, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

14.07.2003

 

 

Com. Reg. No.:

63358, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of jewellery items, pearls and precious stones

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : GULF BEAUTY JEWELLERY LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 14th July 2003

Commercial Registration Number            : 63358, Dubai

Trade Licence Number                            : 510148

Chamber Membership Number                : 79309

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 4

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

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Rajan Modi, Commercial Manager

 

COMPANY NAME

 

GULF BEAUTY JEWELLERY LLC

 

 

company address

 

Registered & Physical Address

Building             : Heirs of Hamil Bin Majid Al Qaisi Building, Office No. 132

Area                 : Al Dhaghaya

PO Box             : 64957

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2263224

Facsimile          : (971-4) 2263119

Email                : gbjewellery@emirates.net.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

 

·       Kiah Diamonds                                                                                 Rented showroom premises

     Dubai Mall

     Dubai

     Tel: (971-4) 3398567

     Fax: (971-4) 3399220

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality                   Position

 

·       Vishal Ashwin Joladya                                                  Indian                         Managing Director

 

·       Saleh Abdullah Mohamed Mahmood Arjumand               Emirati                       Director

 

·       Rajan Modi                                                                      -                            Commercial Manager

 

·       Agnes Boniyal                                                                 -                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th July 2003

 

History                         : Subject was originally registered in 2003 between the following shareholders:

 

                                      1. Saleh Abdullah Mohamed Mahmood Arjumand – 51%

                                      2. Fijay Kumar Jeramdas Dawda – 25%

                                      3. Vishal Ashwin Joladya – 24%

 

                                      However, in April 2009 Mr Fijay Kumar Jeramdas Dawda sold his stake in the subject to Mr. Vishal Ashwin Joladya. This change of ownership is in the final steps of being processed by the local authorities.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 63358, Dubai

 

Trade Licence No.       : 510148 (Expires 2nd February 2011)

 

Chamber Member No. : 79309

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                               Percentage

 

·       Saleh Abdullah Mohamed Mahmood Arjumand                 51%

 

·       Vishal Ashwin Joladya                                                    49%

 

 

OPERATIONS

 

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

 

Import Countries          : Europe, South Africa and Asia

 

Operating Trend          : Steady

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                UAE Dh 13,000,000                   UAE Dh 14,300,000

 

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

 

The above financial figures were confirmed by Mr Rajan Modi, Commercial 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.

 

Local sources have confirmed Kiah Life Style Pvt Ltd have awarded a franchise to Gulf Beauty Jewellery LLC to exhibit and sell their products in Dubai, and thus the subject has a showroom named Kiah Diamonds located in the Dubai Mall. Furthermore, Mr Vishal Ashwin Joladya’s uncle is believed to be the owner of Kiah Life Style Pvt Ltd.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.84

UK Pound

1

Rs.69.32

Euro

1

Rs.59.79

 

 

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.