MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
D N DIAMONDS AND
JEWELLERY DMCC |
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Registered Office : |
The |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18th June 2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale
and retail of jewellery, gold and diamonds. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : D N DIAMONDS AND JEWELLERY DMCC
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 18th June 2005
Trade Licence Number : 30215
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Line of Business : Wholesalers and retailers of jewellery, gold and diamonds.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
D N DIAMONDS AND
JEWELLERY DMCC
ADDRESS
Registered & Physical Address
Building : The Gold Center, Zone 4, 3rd
Floor, Suite No. 69
Area : Gold Souq, Deira
PO Box : 172197
Town :
Country : United Arab Emirates
Telephone : (971-4) 2353477
Facsimile : (971-4) 2353488
Mobile : (971-50) 4553949
Email : dndj@emirates.net.ae
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
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Nitin
Kakadiya Proprietor
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Bhavesh
Shah General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 18th
June 2005
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Trade Licence No. : 30215
Invested Capital
: UAE Dh 100,000
Mr Nitin Kakadiya
is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of
jewellery, gold and diamonds.
Import Countries
: Europe and the Far East.
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 31/12/06:
Total Revenue UAE Dh
3,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
D N Diamonds and Jewellery
DMCC is a relatively new business with operations commencing in June 2005. It
is engaged in the wholesale and retail of jewellery, gold and diamonds.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.
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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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%)