MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL NOBALA DIAMONDS LLC |
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Registered Office : |
Mohamed Hamad Al
Haidan Building, Al Khor Street, Old Gold Souk, Deira, PO Box 51405, 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 : |
05.06.2002 |
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Com. Reg. No.: |
59544, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and Retail 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 : AL NOBALA DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1989
Registration Date : 5th June 2002
Commercial Registration Number : 59544, Dubai
Trade Licence Number : 128430
Chamber Membership Number : 69490
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 17
Activities : Wholesale and retail of jewellery, precious stones and watches
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL NOBALA DIAMONDS
LLC
ADDRESS
Registered
& Physical Address
Building : Mohamed Hamad Al Haidan Building
Street : Al Khor Street
Area : Old Gold Souk, Deira
PO Box : 51405
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2266900
Facsimile : (971-4) 2266640
Mobile : (971-50) 6447069
Email : alnobala@hotmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
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Sheikh
Zayed Road Rented
sales office
Dubai
Tel: (971-4) 3477443 / 3477493
Fax: (971-4)
3476118
KEY PRINCIPALS
Name Nationality Position
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Ramesh
Jamandas Khimiji Indian Managing
Director
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Fardan
Abdullah Fardan Ali Al Fardan Emirati Director
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Parag Parekh - General
Manager
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Audi
Devera - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject’s operations
date back to 1989, however it was officially registered on 5th
June 2002
History : Subject was originally established between
the following shareholders:
- Hamir Rajendra Disai
- Fardan Abdullah Fardan Ali Al Fardan
However Hamir Rajendra Disai withdrew from
the company after selling his shares to Mr
Ramesh
Jamandas Khimiji.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 59544, Dubai
Trade Licence No. : 128430
(Expires 02/02/2012)
Chamber Member No. : 69490
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Fardan
Abdullah Fardan Ali Al Fardan 51%
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Ramesh
Jamandas Khimiji 49%
AFFILIATED COMPANIES
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Al
Nobala Daimonds FZCO
Jebel
Ali Free Zone
Dubai
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Le
Brilliant FZCO
Jebel
Ali Free Zone
Dubai
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, precious stones and watches.
Import
Countries: Belgium, India
and Hong Kong
Export
Countries: Saudi Arabia, Russia
and the United States of America
Operating Trend: Steady
Subject has a
workforce of 17 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 63,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Audi Devera, Finance
Manager.
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
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Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4) 5531955
Fax : (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1989, subject is owned and managed by Mr Ramesh
Jamandas Khimiji, an Indian national who operates in Dubai under the
local sponsorship of Mr Fardan Abdullah Fardan Ali Al Fardan.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)