MIRA
INFORM REPORT
|
Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ELEGANT DIAMOND LLC |
|
|
|
|
Registered Office : |
Gold Land
Building, Suite No. 311, Al Daghaya Street, Deira, PO Box 30592 & 57653,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
14.05.1992 |
|
|
|
|
Com. Reg. No.: |
48304, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and Distribution Jewellery, Diamonds, and of
Non-Manufactured Precious Metals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ELEGANT DIAMOND LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th May 1992
Commercial Registration Number : 48304, Dubai
Trade Licence Number : 227939
Chamber Membership Number : 24020
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Import and distribution jewellery, diamonds, and of non-manufactured
precious metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ELEGANT DIAMOND LLC
ADDRESS
Registered & Physical Address
Building : Gold Land Building, Suite No. 311
Street : Al Daghaya Street
Area : Deira
PO Box : 30592 & 57653
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2257228 / 2269934
Facsimile : (971-4) 2257224
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
Name Nationality Position
·
Bhavin
Devendra Vias Indian Managing
Director
·
Mohamed Essa
Mohamed Al Samt Emirati Director
·
Deepak
Patel Indian Director
·
Pagwati
Lal Joshi - Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th
May 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 48304, Dubai
Trade Licence No. : 227939
(Expires 10/05/2009)
Chamber Member No. : 24020
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
·
Mohamed Essa
Mohamed Al Samt
·
Bhavin
Devendra Vias
·
Deepak
Patel
OPERATIONS
Activities: Engaged in the import and distribution
jewellery, diamonds, and of non-manufactured precious metals.
Import
Countries: Europe, South
Africa and the Far East.
Operating Trend: Steady
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 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
10,120,000 UAE Dh
15,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Pagwati Lal Joshi – Sales
Manager.
BANKERS
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1992, subject is involved in the import and distribution of non-manufactured
precious metals and diamonds.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.96 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.65.82 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)