MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIAMGEO JEWELLERY LLC |
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Registered Office : |
Al Shamel Building, Shop No. 3, Al Daghaya Street, Gold Souq, Deira,
PO Box 57989 & 92451, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.06.2004 |
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Com. Reg. No.: |
68075, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Importer and Distributors of Jewellery, Precious Stones
and Watches. |
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 : DIAMGEO JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st June 2004
Commercial Registration Number : 68075, Dubai
Trade Licence Number : 557863
Membership Number : 87919
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Line of Business : Distributors of jewellery, precious stones and watches.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
DIAMGEO JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Al Shamel
Building, Shop No. 3
Street : Al Daghaya
Street
Area : Gold Souq,
Deira
PO Box : 57989 &
92451
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2735432
Facsimile : (971-4)
2735432
Mobile : (971-50)
795473
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
· Sunil Kisan
Maheshwari Indian Managing Director
· Shilba Kanailal Indian Director
· Ahmed Tariq Makki
Hassan Mohamed Makki Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 1st
June 2004
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 68075, Dubai
Trade Licence No. : 557863 (Expires 31st May 2008)
Membership No. : 87919
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Ahmed Tariq Makki
Hassan Mohamed Makki 51%
· Sunil Kisan
Maheshwari 25%
· Shilba Kanailal 24%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into equal
shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets
capital requirements and requires 51 percent Emirati participation in capital
and profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
jewellery, precious stones and watches.
Import Countries : Europe and the Far East.
Subject has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE
Dh 3,100,000 UAE Dh
4,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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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
Established in 2004, subject is involved in the import and distribution
of jewellery, precious stones and watches.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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%)