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MIRA
INFORM REPORT
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Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
ASIA PACIFIC
DIAMOND DMCC (ASIPACDM) |
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Registered Office : |
Emirates Tower,
Level 41, Sheikh Zayed Road, P O Box 72441, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
1st August 2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
import and distribution of diamonds and jewellery items. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ASIA PACIFIC DIAMOND DMCC (ASIPACDM)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 1st August 2007
Trade Licence Number : 30745
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Line of Business : Distributors of diamonds and jewellery items.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ASIA PACIFIC
DIAMOND DMCC (ASIPACDM)
ADDRESS
Registered & Physical Address
Building : Emirates Tower, Level 41
Street : Sheikh Zayed Road
PO Box : 72441
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3312348
Facsimile : (971-4) 3327416
Mobile : (971-50) 7983556
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Michael Chris American Managing Director
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Anand Desai - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
August 2007
Legal Form :
Limited Liability Company
Trade Licence No. : 30745
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
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Michael Chris
·
Unnamed local
sponsor
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
diamonds and jewellery items.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
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
Investigations
undertaken in Dubai did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
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%)