MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CHORON
DIAMONDS DMCC |
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Registered Office : |
Emirates
Group Security Building, Building B, 2nd Floor, Suite No. 11,
Dubai Airport Free Zone, PO Box: 231044, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
02.07.2005 |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged
in the import and distribution of diamonds and other 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$
75,000 |
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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 |
CHORON DIAMONDS DMCC |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
2nd July 2005 |
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Trade
Licence Number |
30227 |
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Invested
Capital |
UAE Dh 100,000 |
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Total
Workforce |
2 |
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Line
of Business |
Distributors of diamonds and other precious stones. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
CHORON
DIAMONDS DMCC
ADDRESS
Registered & Physical Address
Building : Emirates Group Security Building,
Building B, 2nd Floor, Suite No. 11
Area : Dubai Airport Free Zone
PO Box : 231044
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3312348
Facsimile : (971-4) 3327416
Premises
Subject
operates from a small suite of offices that are rented and located in the
Airport Free Zone of Dubai.
KEY PRINCIPALS
·
Aditya
Rajesh Gandhi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd July 2005
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Trade Licence No. : 30227
Invested
Capital : UAE Dh 100,000
Mr
Aditya Rajesh Gandhi 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
import and distribution of diamonds and other precious stones.
Import
Countries :
Europe and South Africa.
Subject
has a workforce of 2 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$ 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 |
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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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