MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAMIR DIAMOND & JEWELLERY TRADING FZC |
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Registered Office : |
Ajman Free Zone,
Office No. E-57, PO Box 64502, Ajman |
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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 : |
14.09.2004 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and distribution of diamonds, jewellery, pearls and
other precious stones |
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 : SAMIR DIAMOND & JEWELLERY TRADING FZC
Country of Origin : Ajman, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 14th September 2004
Trade Licence Number : 1600
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Activities : Import and distribution of diamonds, jewellery, pearls and other precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Maksoud Hassan Bai Parmar, Managing Director
COMPANY NAME
SAMIR DIAMOND &
JEWELLERY TRADING FZC
ADDRESS
Registered &
Physical Address
Location : Ajman Free Zone, Office No. E-57
PO Box : 64502
Town : Ajman
Country : United Arab Emirates
Telephone : (971-4) 2353018
Facsimile : (971-4) 2353018
Mobile : (971-50) 8510719
Email : maksoud_parmar@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Free Zone Area
of Ajman.
KEY PRINCIPALS
Name Position
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Maksoud
Hassan Bai Parmar Managing
Director
·
Mohamed Iqbal Director
LEGAL FORM & OWNERS
Date of Establishment : 14th
September 2004
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 1600, Ajman Free Zone (Expires 13/09/2009)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s)
·
Maksoud
Hassan Bai Parmar
·
Mohamed Iqbal
OPERATIONS
Activities: Engaged in the import and distribution of diamonds,
jewellery, pearls and other precious stones.
Import
Countries: Far East
Operating Trend: Steady
Subject has a
workforce of 5 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 11,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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HSBC Bank Middle
East
Main Branch
Ajman
Tel : (971-6) 5537222
Fax : (971-6) 5537880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2004, subject is involved in the import and distribution of pearls and other
precious stones.
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.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
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%)