MIRA INFORM REPORT

 

 

Report Date :

11.01.2006

 

IDENTIFICATION DETAILS

 

Name :

ZARNEGAR JEWELLERY LLC

 

 

Registered Office :

Gold Land Building, 3rd Floor, Suite No. 308, Deira, P. O. Box : 13395, Dubai, United Arab Emirates

 

 

Financials (as on) :

31.12.2004

 

 

 

Date of Incorporation :

09.02.2000

 

 

Com. Reg. No.:

54029, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the retail of jewellery and precious stones.

 

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$ 100,000

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

Company summary

 

Company Name                                                 ZARNEGAR JEWELLERY LLC

Country of Origin                                               Dubai, United Arab Emirates

Legal Form                                                        Limited Liability Company - LLC

Registration Date                                               9th February 2000

Commercial Registration Number                     54029, Dubai

Trade License Number                                      516455

Membership Number                                         57878

Issued Capital                                                    UAE Dh 300,000

Paid up Capital                                                 UAE Dh 300,000

Total Workforce                                                 6

Line of Business                                                Distributors of jewellery and precious stones.

Financial Condition                                           Satisfactory

Payments                                                          Nothing detrimental uncovered

Operating Trend                                                Steady

 

COMPANY NAME

 

ZARNEGAR JEWELLERY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Gold Land Building, 3rd Floor, Suite No. 308

Area                 : Deira

PO Box             : 13395

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2267396

Facsimile          : (971-4) 2267397

 

 

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

 

Ali Niaz Ali Zarnegar                   Iranian                           Managing Director

 

Ismail Hassan Bu Kishah            Emirati                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment                                        9th February 2000

Legal Form                                                        Sharikat Thet Massouliya Mahdoudeh (Limited Liability

                                                                          Company - LLC)

Commercial Reg. No.                                        54029, Dubai

Trade Licence No.                                             516455 (Expires 5th February 2006)

Membership No.                                                57878

Issued Capital                                                    UAE Dh 300,000

Paid up Capital                                                 UAE Dh 300,000

 

Name of Shareholder (s)                                              Percentage

·         Ismail Hassan Bu Kishah                                          51%

·         Ali Niaz Ali Zarnegar                                     49%

 

Note to the Legal Form

A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

 

The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.

 

This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.

 

Non UAE Participation

The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.

 

It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.

 

Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.

 

 

LINE OF BUSINESS

 

Operations

Engaged in the retail of jewellery and precious stones.

 

Import Countries

Europe and the Far East.

 

 

Operating Trend

 

Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                    Year Ending 31/12/03:                Year Ending 31/12/04:

 

Total Revenue                UAE Dh 3,200,000                     UAE Dh 3,850,000

 

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

 

 

BANKERS

 

Middle East Bank Ltd

Arbift Tower

Baniyas Street

PO Box : 5547

Dubai

Tel : (971-4) 2220121

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2000, subject is owned and managed by Mr Ali Niaz Ali Zarnegar, an Iranian national who operates in Dubai under the local sponsorship of Mr Ismail Hassan Bu Kishah.

 

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.

 

Maximum suggested credit figure: US$ 100,000

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.59

UK Pound

1

Rs.72.31

Euro

1

Rs.60.73

 

 

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

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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%)

 

 

 

 

 

 

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.