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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
KHUSHI JEWELLERY LLC |
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|
|
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Registered Office : |
Al Fahidi Building, Al Fahidi Street (Cosmos Lane), Meena Bazaar, Bur
Dubai 5871 & 103539, Dubai |
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Country : |
United Arab Emirates |
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|
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Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
27.06.1990 |
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Com. Reg. No.: |
43638, Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Engaged in the wholesale and retail of jewellery items |
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No of Employees : |
20 |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with
a high per capita income and a sizable annual trade surplus. Successful efforts
at economic diversification have reduced the portion of GDP based on oil and
gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the country has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US; however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce,
and growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and creating
more opportunities for nationals through improved education and increased
private sector employment.
|
Source
: CIA |
Company Name :
KHUSHI JEWELLERY LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th June 1990
Commercial Registration Number :
43638, Dubai
Trade Licence Number :
223147
Chamber Membership Number :
19550
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
20
Activities :
Wholesale and retail of jewellery items.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Morli Darren, Accountant
KHUSHI JEWELLERY LLC
Building : Al Fahidi
Building
Street : Al Fahidi
Street (Cosmos Lane)
Area : Meena
Bazaar, Bur Dubai
PO Box : 5871 &
103539
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3511166
Facsimile : (971-4)
3514936
Email : khushi@emirates.net.ae / info@khushijewellers.com
Please note that subject’s previous address was, Mir Hashim Khoori
Building, Al Fahidi Street, Meena Bazar, Bur Dubai, Dubai.
Subject operates from a medium sized suite of offices and a showroom that
are rented and located in the Central Business Area of Dubai.
Name Nationality Position
·
Khatwani Rajiv Khushi
Indian Managing
Director
·
Khatwani Khushi Chandanmal
Indian Director
·
Khatwani Mohit Khushi Indian Director
·
Renu Khatwani Renukanialal
Indian Director
·
Aamir Mohamed Hassan Al Ali
Emirati Director
·
Morli Darren - Accountant
Date of
Establishment : 27th
June 1990
Legal Form : Limited Liability Company
- LLC
Commercial Reg.
No. : 43638, Dubai
Trade Licence No. : 223147 (Expires 04/06/2014)
Chamber Member No. : 19550
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Aamir Mohamed Hassan Al Ali 51%
·
Khatwani Rajiv Khushi 25%
·
Khatwani Khushi Chandanmal 8%
·
Khatwani Mohit Khushi 8%
·
Renu Khatwani Renukanialal 8%
·
Khushi Textorium LLC
Dubai
Tel
: (971-4) 3536303
·
Viva Fashion LLC
Dubai
Activities: Engaged in the wholesale and retail of jewellery items.
Import Countries: India and Europe
Operating Trend: Steady
Subject has a workforce of 20 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Revenue UAE Dh 65,850,000 UAE Dh
69,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Morli Darren, Accountant
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
Fax: (971-4) 2233784
No complaints regarding subject’s payments have been reported.
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. 62.47 |
|
|
1 |
Rs. 102.94 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.