MIRA
INFORM REPORT
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Report Date : |
10.10.2007 |
IDENTIFICATION DETAILS
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Name : |
FOREVER DIAM DMCC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1st February 2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of jewellery, gold and other 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 : FOREVER DIAM DMCC
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 1st February 2005
Trade Licence Number : 30137
Invested Capital : UAE Dh 100,000
Total Workforce : 4
Line of Business : Distributors of jewellery, gold and other precious metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
FOREVER DIAM DMCC
ADDRESS
Registered & Physical Address
Building : Golden Corner Building, Office
No. 4
Area : Deira
PO Box : 171522
Town :
Country : United Arab Emirates
Telephone : (971-4) 2351084 / 2234524
Facsimile : (971-4) 2350936 / 2234524
Email : salwa@pkfuae.com
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
·
Nitk Mokaish Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1st
February 2005
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Trade Licence No. : 30137
Invested Capital
: UAE Dh 100,000
Mr Nitk Mokaish 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, gold and other precious metals.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 4 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
4,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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
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. |
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%)