MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOCOTRA DIAMOND LIMITED LLC |
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Registered Office : |
Business Avenue Building, Port Saeed, PO Box 182059, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
2004 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Wholesalers and retailers of rough and polished diamonds |
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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Maximum Credit Limit : |
US$ 150,000 |
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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 :
SOCOTRA DIAMOND LIMITED LLC
Country of Origin :
China
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
2004
Trade Licence Number :
30049
Membership Number :
121837
Total Workforce :
7
Line of Business :
Wholesalers and retailers of rough and polished diamonds.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
SOCOTRA DIAMOND LIMITED LLC
ADDRESS
Registered & Physical Address
Building : Business
Avenue Building
Area : Port Saeed
PO Box : 182059
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2941314
Facsimile : (971-4) 2952352
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
· Michael Raphaeli General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2004
Legal Form : Subject is the
United Arab Emirates registered branch of Socotra Diamond
Limited, a Limited
Liability Company incorporated in China.
Socotra Diamond Limited 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 China.
Trade Licence No. : 30049 (Expires 30th June 2008)
Membership No. : 121837
LINE OF BUSINESS
Operations : Engaged in the wholesale and retail of rough and
polished diamonds.
Import Countries : China
Subject has a workforce of 7 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
National Bank of Dubai
Baniyas Street
PO Box :
777
Dubai
Tel :
(971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2004, subject is involved in the wholesale and retail of
rough and polished diamonds.
Any credit amount that is to be offered to this company should be
written under the name of “Socotra Diamond Limited” and directed to the
companies head office address in China.
Maximum suggested credit figure: US$ 150,000
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%)