MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
RHYTHM DIMON DMCC |
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Registered Office : |
Maryam Building, Suite 304, Near Gold Land, Deira PO Box 64362, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.07.2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of jewellery, diamonds and precious metals. |
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 : RHYTHM DIMON DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th June 2005
Trade Licence Number : 3037
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Line of Business : Distributors of jewellery, diamonds and precious metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
RHYTHM DIMON DMCC
ADDRESS
Registered & Physical Address
Building : Maryam Building, Suite 304
Area : Near Gold Land, Deira
PO Box : 64362
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354401
Facsimile : (971-4) 2354402
Mobile : (971-50) 2935844
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
Mehendra Dhandhukia Proprietor & General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 26th July 2005
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Trade Licence No. : 3037
Invested Capital : UAE Dh 100,000
Mr Mehendra Dhandhukia 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 jewellery, diamonds and precious metals.
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 3,760,000
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
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2005, subject is involved in the import and distribution of jewellery, diamonds and precious metals.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed 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. |
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%)