MIRA INFORM REPORT

 

 

Report Date :           

13.09.2011

 

IDENTIFICATION DETAILS

 

Name :

TWINKLE GEMS & JEWELLERY LLC

 

 

Registered Office :

Al Abbass Building, 2nd Floor, Suite No. 210, Gold Souq, Deira, P O Box    95652, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

03.07.2005

 

 

Com. Reg. No.:

74942, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of jewellery, watches, gems 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 :

Regular

 

 

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                                     : TWINKLE GEMS & JEWELLERY LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 3rd July 2005

Commercial Registration Number            : 74942, Dubai

Trade Licence Number                            : 570974

Chamber Membership Number                : 98861

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 6

Activities                                               : Import and distribution of jewellery, watches, gems and precious

stones.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Kalim Eddine Khalil Eddine, Commercial Manager

 

COMPANY NAME

 

TWINKLE GEMS & JEWELLERY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Al Abbass Building, 2nd Floor, Suite No. 210

Area                 : Gold Souq, Deira

PO Box             : 95652

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2250099

Facsimile          : (971-4) 2259665

Mobile               : (971-50) 2500946

Email                : kalim2006@gmail.com

 

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

 

·       Shakeel Ahmed Ansari                                  Nepalese                      Managing Director

 

·       Suhaila Saeed Bin Suhail                                 Emirati                        Director

 

·       Tabreez Shakeel Ahmed Ansari                             -                            General Manager

 

·       Kalim Eddine Khalil Eddine                                   -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd July 2005

 

History                         : Subject was established in 2005 with the following shareholders:

 

                                      -  Mrs Suhaila Saeed Bin Suhail

                                      -  Shakeel Ahmed Ansari

                                      -  Malhotra Rakesh Amritlal Malhotra

                                      -  Ashok Kumar Anopchand Gulechha

 

                                      However in August 2007 Mr Malhotra Rakesh Amritlal Malhotra and Mr Ashok Kumar

  Anopchand Gulechha withdrew from the company after assigning their shares to Mr Shakeel

  Ahmed Ansari

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 74942, Dubai

 

Trade Licence No.       : 570974 (Expires 02/07/2012)

 

Chamber Member No. : 98861

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mrs Suhaila Saeed Bin Suhail                                         51%

 

·       Shakeel Ahmed Ansari                                                   49%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of jewellery, watches, gems and precious stones.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 6 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 17,440,000                   UAE Dh 18,500,000

 

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

 

The above financial figures were confirmed by Mr Kalim Eddine Khalil Eddine, Commercial Manager

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

This rating serves as a reference to assess credit risk and for setting the amount of credit to be extended. It is calculated using information such as Financial data, Operational size, Payment record, Ownership background and market trend.

 

 

GENERAL COMMENTS

 

Established in 2005, subject is involved in the import and distribution of jewellery, watches, gems and precious stones.

 

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.46.97

UK Pound

1

Rs.74.22

Euro

1

Rs.63.66

 

 

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.