MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
DIAGLOBE FZE |
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Registered Office : |
Dubai
Airport Free Zone, Building No. 2W-110, 1st Floor, PO Box: 43743,
Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
2000 |
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Legal Form : |
Mouassasat
Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Engaged
as dealers of diamonds, 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$
100,000 |
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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 |
DIAGLOBE FZE |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Free Zone Establishment - FZE |
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Registration
Date |
2000 |
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Free
Zone Licence Number |
123 |
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Membership
Number |
200051 |
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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 |
5 |
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Line
of Business |
Dealers of diamonds, jewellery and precious stones. |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
DIAGLOBE
FZE
ADDRESS
Registered & Physical Address
Location : Dubai Airport Free Zone, Building
No. 2W-110, 1st Floor
PO Box : 43743
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2996786
Facsimile : (971-4) 2996787
Email : diaglobe@emirates.net.ae
Premises
Subject
operates from a small suite of offices that are rented and located in the
Airport Free Zone of Dubai
KEY PRINCIPALS
· Ilesh Pandya Managing
Director
· Pravin S. Kothari Director
LEGAL FORM & OWNERS
Date of Establishment : 2000
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Free Zone Licence No. : 123
Membership No. : 200051
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· Ilesh Pandya
· Pravin S. Kothari
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged as dealers of diamonds,
jewellery and precious stones.
Import
Countries:
Thailand, Switzerland, France and India.
Operating
Trend: Steady
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 31/12/04: Year
Ending 31/12/05:
Total
Revenue UAE Dh
3,650,000 UAE Dh
3,900,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
·
Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box : 1709
Dubai
Tel :
(971-4) 2227121 / 2253222
Fax :
(971-4) 2220943 / 2254565
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Diaglobe
FZE was established in 2000 and has made steady progress in the local market
specialising as dealers of diamonds, jewellery and precious stones.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 100,000
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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