MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
D N DIAMONDS AND JEWELLERY DMCC |
|
|
|
|
Registered Office : |
The Gold Center,
Zone 4, 3rd Floor, Suite No. 69, Gold Souq, Deira, PO Box 172197,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
18.06.2005 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Wholesale and Retail of Jewellery, Gold and Diamonds |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : D N DIAMONDS AND JEWELLERY DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 18th June 2005
Trade Licence Number : 30215
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Activities : Wholesale and retail of jewellery, gold and diamonds
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
D N DIAMONDS AND
JEWELLERY DMCC
ADDRESS
Registered & Physical Address
Building : The Gold Center, Zone 4, 3rd
Floor, Suite No. 69
Area : Gold Souq, Deira
PO Box : 172197
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353477
Facsimile : (971-4) 2353488
Mobile : (971-50) 4553949
Email : dndj@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 Position
·
Nitin Kakadiya Proprietor
·
Bhavesh Shah General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 18th
June 2005
Legal Form :
Sole Proprietorship
Trade Licence No. : 30215
Invested Capital
: UAE Dh 100,000
Mr Nitin Kakadiya
is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, gold and diamonds.
Import
Countries: Europe and the
Far East
Subject has a workforce
of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 10,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
PO Box 1709
Deira
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
D N
Diamonds and Jewellery DMCC is a relatively new business with operations
commencing in June 2005. It is engaged in the wholesale and retail of jewellery,
gold and diamonds.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the business is considered to be a fair trade
risk.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)