MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
JAY DIMON LLC |
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Registered Office : |
Metro Building, 2nd Floor, Office No. 207 Gold Souk, Deira, 57943 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26th July 2006 |
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Com. Reg. No.: |
997743, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of jewellery and precious
stones. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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$ 30,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
JAY DIMON LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
26th July 2006 |
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Commercial Registration Number |
997743, Dubai |
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Trade Licence Number |
584107 |
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Membership Number |
109694 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
3 |
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Line of Business |
Distributors of jewellery and precious stones. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
JAY DIMON LLC
ADDRESS
Registered & Physical Address
Building : Metro Building, 2nd Floor, Office No. 207
Area : Gold Souk, Deira
PO Box : 57943
Town : Dubai
Country : United Arab Emirates
Subject has yet to register any contact numbers.
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Darakumar Hiralal Sonati Indian Managing Director
Hetish Divraj Bhai Mongani Indian Director
Hamdan Mohamed Essa Al Samt Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 26th July 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 997743, Dubai
Trade Licence No. : 584107 (Expires 24th July 2007)
Membership No. : 109694
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Hamdan Mohamed Essa Al Samt 51%
Darakumar Hiralal Sonati 25%
Hetish Divraj Bhai Mongani 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of jewellery and precious stones.
Import Countries : Europe and South Africa.
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken in Dubai did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 30,000
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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