MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
VENUS STAR DIAMOND LLC |
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Registered Office : |
Ibrahim Mohamed
Bin Dokhan Building, Al Ras Street, Al Ras, Gold Souq, PO Box 57959, 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 : |
30.12.2001 |
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Com. Reg. No.: |
58177, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Import and Distribution of Jewellery, Precious Stones,
Watches and Gift Items |
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 : VENUS STAR DIAMOND LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 30th December 2001
Commercial Registration Number : 58177, Dubai
Trade Licence Number : 531062
Chamber Membership Number : 66415
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Import and distribution of jewellery, precious stones, watches and gift items
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
VENUS STAR DIAMOND
LLC
ADDRESS
Registered & Physical Address
Building : Ibrahim Mohamed Bin Dokhan
Building
Street : Al Ras Street
Area : Al Ras, Gold Souq
PO Box : 57959
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2266970
Facsimile : (971-4) 2260633
Mobile : (971-50) 7457847
Email : venus@venusdiam.com
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
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Vinodrae
Harelal Gadhiya Indian Managing Director
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Ali Abdullah
Salih Hamad Al Jalaf Emirati Director
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Nilesh Gadhiya Indian General Manager
LEGAL FORM & OWNERS
Date of Establishment : 30th
December 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 58177, Dubai
Trade Licence No. : 531062
(Expires 29/12/2008)
Chamber Member No. : 66415
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
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Ali Abdullah
Salih Hamad Al Jalaf 51%
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Vinodrae
Harelal Gadhiya 49%
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, precious stones, watches and gift items.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 3 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 257,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Nilesh Gadhiya, General Manager.
BANKERS
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Emirates Bank
International Ltd
Al Nasr Square
PO Box : 2923
Dubai
Tel : (971-4) 2281181
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2001,
subject is involved in the import and distribution of jewellery, precious
stones, watches and gift items.
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.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
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%)