MIRA
INFORM REPORT
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Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
VRAMS DIAMONDS LLC |
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Registered Office : |
Al Daghaya Building, Suite 110, Al Daghaya Street, Gold Souq, Deira,
PO Box 65194, 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 : |
22.10.2005 |
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Com. Reg. No.: |
76842, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Traders of Loose Diamonds and Diamond Jewellery. Also
Designs and Manufactures Diamond Jewellery Pieces. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : VRAMS DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd October 2005
Commercial Registration Number : 76842, Dubai
Trade Licence Number : 574470
Chamber Membership Number : 101887
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Traders of loose diamonds and diamond jewellery. Subject also designs and manufactures diamond jewellery pieces.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
VRAMS DIAMONDS LLC
ADDRESS
Registered & Physical Address
Building : Al Daghaya
Building, Suite 110
Street : Al Daghaya
Street
Area : Gold Souq,
Deira
PO Box : 65194
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2352503
Facsimile : (971-4)
2261726
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
· Vishal Bharatkumar
Vora Indian Managing
Director
· Salem Mohamed
Hassan Ibrahim Al Husani Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 22nd
October 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 76842, Dubai
Trade Licence No. : 574470
Chamber Member No. : 101887
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Salem Mohamed
Hassan Ibrahim Al Husani 51%
· Vishal Bharatkumar
Vora 49%
OPERATIONS
Activities: Engaged as traders of loose diamonds and diamond jewellery. Subject
also designs and manufactures diamond jewellery pieces.
Import Countries: India, South Africa and Europe.
Operating Trend: Steady
Subject has a workforce of 4 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 7,100,000 UAE Dh
9,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
Fax : (971-4)
2233784
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 company is considered to be a fair trade risk and
the above credit figure is within subject’s financial means.
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%)