MIRA
INFORM REPORT
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Report Date : |
29th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SIDHANSHU DIAMONDS FZC |
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Registered Office : |
Saif
Zone, Block NE4, Suite No. 27, PO Box: 8064, Sharjah, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
01.01.2006 |
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Legal Form : |
Free
Zone Company - FZC |
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Line of Business : |
Importer
and Distributors of precious and semi-precious stones
and studded jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
30,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
SIDHANSHU DIAMONDS FZC |
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Country of Origin |
Sharjah, United Arab Emirates |
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Legal Form |
Free Zone Company - FZC |
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Registration Date |
1st January 2006 |
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Trade Licence Number |
0474 |
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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 |
3 |
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Line of Business |
Distributors of precious and semi-precious stones and studded jewellery. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
SIDHANSHU
DIAMONDS FZC
ADDRESS
Registered & Physical Address
Location : Saif Zone, Block NE4, Suite No. 27
PO Box : 8064
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5571106
Facsimile : (971-6) 5571106
Mobile : (971-50) 4827305
Premises
Subject
operates from a small suite of offices that are rented and located in the Saif
Zone of Sharjah.
KEY PRINCIPALS
·
Delip
Mahta Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 1st January 2006
Legal Form : Free Zone Company - FZC
Trade Licence No. : 0474
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
·
Delip
Mahta 100%
Note to the Legal Form
A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
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, ie minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of precious and semi-precious stones and studded
jewellery.
Import
Countries :
Europe and the Far East.
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
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National
Bank of Sharjah
Al Boorj Avenue
PO Box : 4
Sharjah
Tel : (971-6) 5547747
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Sharjah 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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