MIRA INFORM REPORT

 

 

Report Date :

25.11.2008

 

IDENTIFICATION DETAILS

 

Name :

RUTH DIAMONDS LLC

 

 

Registered Office :

333 Gold Lane Building, Gold Souk, PO Box 32806, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

29.07.2007

 

 

Com. Reg. No.:

1014012, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Distributors of Jewellery, Precious Stones, Crystal Products and Watches.

 

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                                    : RUTH DIAMONDS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 29th July 2007

Commercial Registration Number                        : 1014012, Dubai

Trade Licence Number                            : 598654

Chamber Membership Number                : 122097

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 12

Activities                                               : Distributors of jewellery, precious stones, crystal products and watches.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

RUTH DIAMONDS LLC

 

 

ADDRESS

 

Registered & Physical Address

Location            : 333 Gold Lane Building

Area                 : Gold Souk

PO Box             : 32806

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3392234

Facsimile          : (971-4) 3392236

 

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

 

·       Samir Kirttkumar Kapasi                                Indian                            Managing Director

 

·       Jignesh Shah                                                Indian                            Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th July 2007

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 1014012, Dubai

 

Trade Licence No.       : 598654 (Expires 25th July 2009)

 

Chamber Member No. : 122097

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital                        : UAE Dh 300,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Al Buraq Investment LLC                                                        51%

 

·       Samir Kirttkumar Kapasi                                                        25%

 

·       Jignesh Shah                                                                        24%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of jewellery, precious stones, crystal products and watches.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Dubai

Baniyas Street

     PO Box : 777

     Dubai

     Tel : (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2007, subject is involved in the import and distribution of jewellery, precious stones, crystal products and watches.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.97

UK Pound

1

Rs.75.45

Euro

1

Rs.64.21

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions