MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLUE STAR DIAMOND LLC |
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Registered Office : |
New Gold Souq
Building, Ground Floor, Suite No. 9, Al Ras Street, Al Ras, Gold Souk, Deira,
PO Box 43269, 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 : |
15.04.1997 |
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Com. Reg. No.: |
52502, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Retail of Jewellery and Precious Stones. Subject also
Designs and Manufacturers |
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 : BLUE STAR DIAMOND LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th April 1997
Commercial Registration Number : 52502, Dubai
Trade Licence Number : 246183
Chamber Membership Number : 43062
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 40
Activities : Retail of jewellery and precious stones. Subject also designs and
manufacturers gold and jewellery pieces.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
BLUE STAR DIAMOND LLC
ADDRESS
Registered & Physical Address
Building : New Gold Souq Building, Ground
Floor, Suite No. 9
Street : Al Ras Street
Area : Al Ras, Gold Souk, Deira
PO Box : 43269
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2260301
Facsimile : (971-4) 2258785
Mobile : (971-50) 6506647
Email : bluedmnd@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Pusbak Kumar
Shantilal Koundu Indian Managing Director
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Prabir Kumar
Kundu Indian Director
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Ali Jaffer Al
Haj Ali Mahmood Al Rahma Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 15th
April 1997
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52502, Dubai
Trade Licence No. : 246183
(Expires 14/04/2008)
Chamber Member No. : 43062
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ali Jaffer Al
Haj Ali Mahmood Al Rahma 51%
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Pusbak Kumar
Shantilal Koundu 25%
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Prabir Kumar
Kundu 24%
OPERATIONS
Activities: Engaged in the retail of jewellery and
precious stones. Subject also designs and manufacturers gold and jewellery
pieces.
Import
Countries: Europe, India
and the Far East.
Export
Countries: United Kingdom
Operating Trend: Steady
Subject has a
workforce of 40 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
12,000,000 UAE Dh
15,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
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Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
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Habib Bank AG
Zurich
Baniyas Road
PO Box 3306
Dubai
Tel: (971-4) 2214535
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1997, subject is owned and managed by Mr Pusbak Kumar Shantilal Koundu and Mr
Prabir Kumar Kundu who are Indian nationals operating in Dubai under the local
sponsorship of Mr Ali Jaffer Al Haj Ali Mahmood Al Rahma.
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.
The financial
information contained within this report has been confirmed by Mr Prabir Kumar
Kundu, Director.
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%)