MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHORON DIAMONDS DMCC |
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Registered Office : |
Emirates Group Security Building, Building B, 2nd Floor, Suite
No. 11, Dubai Airport Free Zone, Plot No. W52, PO Box 231044, 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 : |
02.07.2005 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of Diamonds and Other 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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CHORON DIAMONDS DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 2nd July 2005
Trade Licence Number : 30227
Invested Capital : UAE Dh 100,000
Total Workforce : 3
Line of Business : Distributors of diamonds and other precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CHORON DIAMONDS DMCC
ADDRESS
Registered & Physical Address
Building : Emirates
Group Security Building, Building B, 2nd Floor, Suite No. 11
Area : Dubai
Airport Free Zone, Plot No. W52
PO Box : 231044
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3312348
Facsimile : (971-4)
3327416
Premises
Subject operates from a small suite of offices that are rented and
located in the Airport Free Zone of Dubai.
KEY PRINCIPALS
·
Aditya Rajesh Gandhi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2nd
July 2005
Legal Form : Mouassasa Khassa
(Sole Proprietorship)
Trade Licence No. : 30227
Invested Capital : UAE Dh 100,000
Mr Aditya Rajesh Gandhi is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines
Mouassasa Khassa as the business of an individual where liability for all debts
is unlimited. The business is the entire responsibility of its proprietor, who
is liable for all its debts to the extent of his entire wealth. There are no
legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of diamonds
and other precious stones.
Import Countries : Europe and South Africa.
Operating Trend : Steady
Subject has a workforce of 3 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE
Dh 4,190,000 UAE Dh
4,650,000
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
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Choron Diamonds DMCC is a relatively new business with operations
commencing in July 2005. It is engaged in the import and distribution of
diamonds and other precious stones.
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.
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%)