MIRA INFORM
REPORT
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Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
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Name : |
BIN SABT JEWELLERY LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
07.05.1980 |
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Com. Reg. No.: |
40149, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Traders of Jewellery and Gold |
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 |
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
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : BIN SABT JEWELLERY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 7th May 1980
Commercial Registration Number : 40149,
Trade Licence Number : 205718
Chamber Membership Number : 6670
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 25
Activities : Traders of jewellery and gold
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Harish Bilakhia, Senior Auditor
COMPANY NAME
BIN SABT JEWELLERY
LLC
company ADDRESS
Registered & Physical Address
Building :
Street :
Area : Naif
PO Box : 25515
Town :
Country :
Telephone : (971-4) 2285500 / 2261717 / 2246945 /
2246948
Facsimile : (971-4) 2241799 / 2256270
Email : pkintltd@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.
KEY PRINCIPALS
Name Nationality Position
·
Bhagwandas
Purshottam Pawani Indian Managing
Director
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Harish
Purshottam Pawani Indian Director
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·
Naresh Ashar - Financial
Controller
·
Harish
Bilakhia - Senior
Auditor
·
Ashraf
Ali - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
May 1980
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40149,
Trade Licence No. : 205718
(Expires 19/04/2011)
Chamber Member No. : 6670
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
·
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Bhagwandas
Purshottam Pawani ]
] 49%
·
Harish Purshottam
Pawani ]
AFFILIATED COMPANIES
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PO Box: 844
OPERATIONS
Activities : Engaged as traders of jewellery and gold.
Import Countries : Europe and
Operating Trend : Steady
Subject has a
workforce of 25 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/08: Year
Ending 31/12/09:
Total Sales UAE Dh 28,410,000 UAE
Dh 30,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Harish Bilakhia, Senior Auditor.
BANKERS
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Bank of
PO Box: 3162
Tel: (971-4) 5531955
Fax:
(971-4) 5536962
Acc
No. 202983
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1980, subject is owned and managed by a number of Indian businessmen who
operate in
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. 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.45.58 |
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1 |
Rs.72.73 |
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Euro |
1 |
Rs.61.45 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.