MIRA
INFORM REPORT
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Report Date : |
23.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
JANVI DIAMONDS LLC |
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Registered Office : |
Royal Diamond Building , Suite M-02, Gold Souq, Deira, PO Box 57944, 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 : |
08.11.2006 |
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Com. Reg. No.: |
1001377, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Precious Stones and Raw
Materials used for Jewellery Making. |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : JANVI DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th November 2006
Commercial Registration Number : 1001377, Dubai
Trade Licence Number : 587737
Membership Number : 112473
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Line of Business : Import and distribution of precious stones and raw materials
used for jewellery making.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
JANVI DIAMONDS LLC
ADDRESS
Registered & Physical Address
Building : Royal Diamond Building ,
Suite M-02
Area : Gold Souq,
Deira
PO Box : 57944
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354624
Facsimile : (971-4)
3452750
Mobile : (971-50)
2269258
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
· Jiknish Ramjibhai
Pipalia Indian Managing
Director
·
Hamdan Mohamed Essa Al
Samt Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 8th
November 2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 1001377, Dubai
Trade Licence No. : 587737
Membership No. : 112473
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Hamdan Mohamed Essa Al
Samt 51%
·
Jiknish Ramjibhai Pipalia 49%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a
company incorporated with not less than two and not more than fifty
shareholders, each responsible only for the liabilities of the company to the
extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company
(LLC) should not be less than UAE Dh 300,000, which should be divided into
equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with
the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United
Arab Emirates is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and
profits.
It is common for the 51 percent to be held by the UAE national on paper
only with the foreign partner(s) providing all the capital requirements for the
company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual
profit distribution within the company, as the company may have internal
management agreements in place that provides full management of the company in
return for a share of the company’s assets and profits. This internal
relationship may or may not be recognised by law depending on the way the
internal agreement is made.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of precious stones and raw
materials used for
jewellery making.
Import Countries : Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 3,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Habib Bank Ltd
Trade Service
Centre
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
Janvi Diamonds LLC is a relatively new business with operations
commencing in November 2006. It is engaged in the import and distribution of
precious stones and raw materials used for jewellery making.
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.
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%)