MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MEENA JEWELLERY LLC

 

 

Registered Office :

Al Shorafa Building, Shop No. 8, Al Fahidi Street, Bur Dubai, P O Box 43255, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

07.12.1993

 

 

Com. Reg. No.:

41313, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of jewellery items 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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : MEENA JEWELLERY LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 7th December 1993

Commercial Registration Number            : 41313, Dubai

Trade Licence Number                            : 232756

Chamber Membership Number                : 28938

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 50

Activities                                               : Wholesale and retail of jewellery items and precious stones.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Ravi Kapadia, Finance Manager

 

COMPANY NAME

 

MEENA JEWELLERY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Al Shorafa Building, Shop No. 8

Street               : Al Fahidi Street

Area                 : Bur Dubai

PO Box             : 43255

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3533799

Facsimile          : (971-4) 3533110

Mobile               : (971-50) 6448612

Email                : meena786@gmail.com

 

Premises

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                                      Description

 

·       Bakr Building                                                                                                2 storey showroom premises

Cosmo Lane

Bur Dubai

PO Box: 863

     Dubai

     Tel: (971-4) 3510662

     Fax: (971-4) 3514488

 

 

KEY PRINCIPALS

 

     Name                                                                                  Nationality                   Position

 

·       Sanjay Laxchmandas Jethwani                                                  Indian                         Managing Director

 

·       Vinjay Kumar Vvinaykumar Doulatram Jethwani                         Indian                         Director

 

·       Dimple Vinay Kumar Vvinaykumar Doulatram Jethwani    Indian                         Director

 

·       Kanta Sanjay Laxchamandas Jethwani                                      Indian                         Director

 

·       Mohamed Abdullah Ahmad Al Mulla                                          Emirati                       Director

 

·       Kapil Jethwani                                                                               -                           Sales Manager

 

·       Ravi Kapadia                                                                     -                           Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th December 1993

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 41313, Dubai

 

Trade Licence No.       : 232756 (Expires 05/12/2011)

 

Chamber Member No. : 28938

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                                                Percentage

 

·       Mohamed Abdullah Ahmad Al Mulla                                                    51%

                                                                                                ]

·       Sanjay Laxchmandas Jethwani                                               ]

                                                                                                ]          

·       Vinjay Kumar Vvinaykumar Doulatram Jethwani                       ]

]           49%

·       Dimple Vinay Kumar Vvinaykumar Doulatram Jethwani ]

]

·       Kanta Sanjay Laxchamandas Jethwani                                   ]

 

 

OPERATIONS

 

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

 

Import Countries: India, France and Southeast Asia.

 

Operating Trend: Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 250,000,000                  UAE Dh 258,000,000

 

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

 

The above figures were provided by Mr Ravi Kapadia, Finance Manager

 

 

BANKERS

 

·       Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

     Acc No. 01-6732909-01

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.