MIRA INFORM
REPORT
|
Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
COMBINE JEWELLERY LLC |
|
|
|
|
Registered Office : |
Gold Centre, 3rd
Floor, Zone No. 5, Suite No. 80, Al Khor Street, Al Ras, Deira, P O Box
43068, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
14.12.1998 |
|
|
|
|
Com. Reg. No.: |
52117, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Retail of jewellery items, pearls 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 |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Bottom of Form
SUMMARY
Company Name : COMBINE JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th December 1998
Commercial Registration Number : 52117, Dubai
Trade Licence Number : 509112
Chamber Membership Number : 52693
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Retail of jewellery items, pearls and precious stones.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sylvester Fernades, Commercial Manager
COMPANY NAME
COMBINE JEWELLERY
LLC
company ADDRESS
Registered & Physical Address
Building : Gold Centre, 3rd
Floor, Zone No. 5, Suite No. 80
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 43068
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2268507 / 2264151
Facsimile : (971-4) 2250528
Mobile : (971-50) 4586248 / 7691861 /
(971-55) 5704881
Email : combine@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.
KEY PRINCIPALS
Name Nationality Position
·
Hitesh
Behirulal Lodha Indian Managing
Director
·
Mohamed
Khalfan Ali Al Bagh Emirati Director
·
Sylvester
Fernades - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th
December 1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52117, Dubai
Trade Licence No. : 509112
(Expires 15/12/2011)
Chamber Member No. : 52693
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Mohamed
Khalfan Ali Al Bagh 51%
·
Hitesh
Behirulal Lodha 49%
OPERATIONS
Activities: Engaged in the retail of jewellery items,
pearls and precious stones.
Import
Countries: India and
Thailand
Operating Trend: Steady
Subject has a
workforce of 4 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending
31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh 135,000,000 UAE Dh 150,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Sylvester Fernades, Commercial Manager
BANKERS
·
Habib
Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
Acc No. 01-9490876-01
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.44.59 |
|
UK Pound |
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.