MIRA
INFORM REPORT
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Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUN DEVELOPMENT TRADING LTD |
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Registered Office : |
The Goldland Building, Office No. 230, Al Daghaya, Plot No. 113-453,
PO Box 40845, 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 : |
13.03.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers and Traders of Diamonds
and Jewellery |
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 : SUN DEVELOPMENT TRADING LTD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 13th March 2006
Trade Licence Number : 30436, DMCC
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Importers and traders of diamonds and jewellery
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
SUN DEVELOPMENT TRADING LTD
ADDRESS
Registered & Physical Address
Building : The Goldland Building,
Office No. 230
Area : Al Daghaya,
Plot No. 113-453
PO Box : 40845
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354096
Facsimile : (971-4)
2354097
Email : sdtltd@eim.ae
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
· Dushyant
Sand Indian Managing
Director
· Naveet
Bahti - Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 13th
March 2006
Legal Form : Limited Liability
Company
Trade Licence No. : 30436, DMCC
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
· Dushyant
Sand
OPERATIONS
Activities: Engaged as importers and traders of diamonds
and jewellery.
Import Countries: Asia, South Africa and Europe
Subject has a workforce of 4 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 7,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Naveet Bahti, Administration Manager.
BANKERS
·
Habib Bank Ltd
Beniyas Square
PO Box: 3306
Dubai
Tel: (971-4)
3232212
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Sun Development Trading Ltd is a relatively
new business with operations commencing in March 2006. It is engaged as importers and traders of diamonds and jewellery.
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
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.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
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%)