MIRA
INFORM REPORT
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Report Date : |
3rd June 2006 |
IDENTIFICATION
DETAILS
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Name : |
DIAGLOBE FZE |
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Registered Office : |
Airport Free Zone, Building No. 2W-110, 1st Floor, P. O. Box 43743, Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
2000 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Dealers of Diamonds, Jewellery and Precious Stones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 75,000 |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
DIAGLOBE FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
2000 |
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Free Zone License Number |
123 |
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Membership Number |
200051 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
5 |
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Line of Business |
Dealers of diamonds, jewellery and precious stones. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
DIAGLOBE FZE
ADDRESS
Registered & Physical Address
Location : Airport Free Zone, Building No. 2W-110, 1st Floor
PO Box : 43743
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2996786
Facsimile : (971-4) 2996787
Email : diaglobe@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and located in the Airport Free Zone of Dubai
KEY PRINCIPALS
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Ilesh Pandya |
Managing Director |
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Pravin S. Kothari |
Director |
LEGAL FORM & OWNERS
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Date of Establishment |
2000 |
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Legal Form |
Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Free Zone Licence No. |
123 |
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Membership No. |
200051 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
Name of Shareholder (s)
Ilesh Pandya
Pravin S. Kothari
Note
to the Legal Form
A Free Zone Establishment
- or FZE - is an establishment formed and registered within the Free Zones and
regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations
Engaged as dealers of diamonds, jewellery
and precious stones.
Import Countries
Thailand, Switzerland, France and India.
Operating Trend
Steady
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/02: Year Ending
31/12/03:
Total Revenue UAE Dh 2,700,000 UAE Dh 3,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
HSBC Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
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.
GENERAL COMMENTS
Diaglobe FZE was established in 2000 and has made steady progress in the local market specialising as dealers of diamonds, jewellery 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.
Maximum suggested credit figure: US$ 75,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |