MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BELGIUM DIAMONDS JEWELLERY LLC |
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Registered Office : |
Gold Centre
Building, 5th Floor, Suite No. 158, Al Khor Street, Al Ras, Deira,
PO Box 16067 & 251782, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
16.02.1999 |
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Com. Reg. No.: |
52335, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Watches,
Jewellery Items, Pearls 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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BELGIUM DIAMONDS
JEWELLERY LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited Liability
Company - LLC
Registration Date : 16th February
1999
Commercial Registration Number : 52335, Dubai
Trade Licence Number : 509740
Chamber Membership Number : 45593
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 9
Activities : Wholesale and retail
of watches, jewellery items, pearls and precious
stones.
Financial Condition : Fair
Payments : Nothing detrimental
uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
BELGIUM DIAMONDS
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre Building, 5th
Floor, Suite No. 158
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 16067 & 251782
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2263337
Facsimile : (971-4) 2264674
Mobile : (971-50) 4593431
Email : bdj@emirates.net.ae
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
Name Nationality Position
·
Sanjay
Bakhtawar Siroya Indian Managing
Director
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Sheikh Majid
Bin Hamad Al Qassimi Emirati Director
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Shattan
Panchal - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 16th
February 1999
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52335, Dubai
Trade Licence No. : 509740
Chamber Member No. : 45593
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Sheikh Majid
Bin Hamad Al Qassimi 51%
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Sanjay
Bakhtawar Siroya 49%
AFFILIATED COMPANIES
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Siroya
Jewellery LLC
Dubai
United Arab Emirates
Tel: (971-4) 2254254
OPERATIONS
Activities: Engaged in the wholesale and retail of
watches, jewellery items, pearls and precious stones.
Import
Countries: Switzerland and
the Far East.
Operating Trend: Steady
Subject has a
workforce of 9 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales UAE Dh
10,500,000 UAE Dh
11,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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First Gulf
Bank
PO Box 52053
Dubai
Tel: (971-4) 2941234
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
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 and the above credit figure is
within subject’s financial means.
The financial
information contained in this report has been confirmed by Mr Shattan Panchal – Financial Controller.
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%)