MIRA INFORM REPORT
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Report Date : |
20.11.2008 |
IDENTIFICATION DETAILS
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Name : |
UNIQUE DIAMOND & JEWELLERY TRADING LLC |
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Registered Office : |
New Gold Centre, Suite No. 98, 4th Floor, Zone IV, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
19.07.1998 |
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Com. Reg. No.: |
51428, |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Retail of
jewellery, pearls and precious stones, diamonds, watches and spare parts |
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 : UNIQUE DIAMOND & JEWELLERY TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date : 19th
July 1998
Commercial
Registration Number : 51428,
Trade Licence Number : 506631
Chamber Membership
Number : 50369
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 3
Activities :
Retail of jewellery, pearls and precious stones, diamonds, watches and
spare parts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajesh
Emichand Jean, Managing Director
COMPANY NAME
UNIQUE DIAMOND & JEWELLERY TRADING LLC
ADDRESS
Registered &
Physical Address
Building : New Gold
Centre, Suite No. 98, 4th Floor, Zone IV
Street :
Area : As Ras
PO Box : 34735
Town :
Country :
Telephone : (971-4) 2259715
Facsimile : (971-4)
2259533
Email : unidiam@emirates.net.ae
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
· Rajesh Emichand
Jean Indian Managing Director
· Nehal
Mehta Indian Director
· Abdullah Ali
Hassan Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 19th
July 1998
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 51428,
Trade Licence No. : 506631 (Expires 12/07/2009)
Chamber Member No. : 50369
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Abdullah Ali
Hassan Abdullah 51%
· Rajesh Emichand
Jean 39%
· Nehal
Mehta 10%
OPERATIONS
Activities: Engaged in the retail of jewellery, pearls and precious stones,
diamonds, watches and spare parts.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 3 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/07:
Total Sales UAE
Dh 12,800,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Rajesh Emichand Jean,
Managing Director.
BANKERS
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Mashreq Bank Plc
Deira Branch
PO Box : 1250
Tel: (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1998, subject is involved in the wholesale and retail of
jewellery, precious stones and watches.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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1 |
Rs.75.54 |
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Euro |
1 |
Rs.63.12 |
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%)