MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIAGEMS GENERAL
TRADING INC BR |
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Registered Office : |
Block A1,
Building No. 216, 2nd Floor, Ajman Free Zone, Ajman |
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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 : |
May 2003 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import
and distribution of jewellery items, diamonds and gold. |
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 : |
Branch of Foreign Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DIAGEMS GENERAL TRADING INC BR
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : May 2003
Membership Number : 1211
Total Workforce : 8
Line of Business : Import and distribution of jewellery items, diamonds and gold.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DIAGEMS GENERAL
TRADING INC BR
ADDRESS
Registered & Physical Address
Location : Block A1, Building No. 216, 2nd
Floor
Area : Ajman Free Zone
Town : Ajman
Country : United Arab Emirates
Telephone : (971-4)
Facsimile : (971-4)
Mobile : (971-50) 5591817
Email : diagems@yahoo.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Ajman Free Zone.
Branch Office (s)
Location Description
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PO Box: 26097 Sales
Office
Dubai
Tel: (971-4) 2259394
Fax: (971-4) 2259394
KEY PRINCIPALS
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Prashant
Shukala Managing Director
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Rajesh Jain General
Manager
LEGAL FORM & OWNERS
Date of Establishment : May 2003
Legal Form :
Subject is the United Arab
Emirates registered branch of Diagems General
Trading Inc, a Limited Liability Company
incorporated in the British Virgin
Islands.
Diagems General Trading Inc in
the United Arab Emirates, operates as a
Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the British Virgin Islands.
Membership No. : 1211
AFFILIATED COMPANIES
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Unique Diamond
& Jewellery Trading LLC
PO Box: 26097
Dubai
LINE OF BUSINESS
Operations: Engaged in the import and distribution of jewellery
items, diamonds and gold.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
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 4,810,000 UAE Dh 5,200,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in May
2003, Diagems General Trading Inc Br is engaged in the import and distribution
of jewellery items, diamonds and gold.
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.
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%)