MIRA
INFORM REPORT
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Report Date : |
20.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUNNY
DIAM LLC |
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Registered Office : |
Al
Maryam Building, Suite 303, Plot No. 567, 113-174 Al Daghaya Street Deira,
PO Box – 65192, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
16th July 2006 |
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Com. Reg. No.: |
997401, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Distributors of jewellery, diamonds and
gold. |
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$
20,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : SUNNY DIAM LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th July 2006
Commercial Registration Number : 997401, Dubai
Trade Licence Number : 583756
Membership Number : 223582
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Line of Business : Distributors of jewellery, diamonds and gold.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SUNNY
DIAM LLC
ADDRESS
Registered & Physical Address
Building : Al Maryam Building, Suite 303,
Plot No. 567
Street : 113-174 Al Daghaya Street
Area : Deira
PO Box : 65192
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2261126
Facsimile : (971-4) 2261128
Mobile : (971-50) 2942056
Email : canadiandubai@hotmail.com
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
· Viral Shah Indian Managing Director
· Said Khalf Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 16th July 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 997401, Dubai
Trade Licence No. : 583756 (Expires 15th July 2007)
Membership No. : 223582
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Said Khalf 51%
· Viral Shah 49%
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, diamonds and gold.
Import
Countries : Europe and the Far East.
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
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$ 20,000
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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