MIRA INFORM REPORT

 

 

Report Date :

06.04.2011

 

 

Name :	DIAGEMS GENERAL TRADING INC
Registered Office :	Office No. D-25, Ajman Free Zone, Ajman
Country :	United Arab Emirates
Financials (as on) :	31.12.2010
Date of Incorporation :	10.06.2003
Legal Form :	Branch of a Foreign Registered Corporation
Line of Business :	Distributors of jewellery, diamonds and gold.

 

 

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

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

 

Country Name	Previous Rating                    (30.09.2010)	Current Rating (31.12.2010)
United Arab Emirates	a2	a2

 

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

 

SUMMARY

 

Company Name                                     : DIAGEMS GENERAL TRADING INC

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 10^th June 2003

Trade Licence Number                            : 1205

Total Workforce                                     : 8

Activities                                               : Distributors of jewellery, diamonds and gold.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Prashant Shukala, General Manager

 

COMPANY NAME

 

DIAGEMS GENERAL TRADING INC

 

 

company ADDRESS

 

Registered Address

Location            : Office No. D-25, Ajman Free Zone

Town                 : Ajman

Country             : United Arab Emirates

Mobile               : (971-50) 5591817

Email                : diagems@yahoo.com / unidiam@emirates.net.ae

 

 

Physical Address

Building             : Gold Centre Building, Suite No. 98, 4^th Floor, Zone No. 4

Area                 : Deira

PO Box             : 26097

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2259715

Facsimile          : (971-4) 2259533

Email                : diagemstrading@yahoo.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Ajman Free Zone.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Milind Khothar                                                                                   Managing Director

 

·       Prashant Shukala                                                                              General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10^th June 2003

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Diagems General

  Trading Inc, a Limited Liability Company incorporated in the British Virgin

  Islands.

 

  Diagems General Trading Inc in the United Arab Emirates, operates as a

  Branch of a Foreign Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own

  right. Responsibility for payments lays in the hands of the company where it is

  originally registered.

 

  Under these circumstances, we strongly advise that any international trade

  credit should only be written under the name of the main company where the

  subject holds its registered office, in this case the British Virgin Islands.

 

Trade Licence No.       : 1205

 

 

AFFILIATED COMPANIES

 

·       Unique Diamond & Jewellery Trading LLC

Gold Centre Building, Suite No. 98, 4^th Floor, Zone No. 4

Deira

PO Box: 26097

Dubai

Tel: (971-4) 2259715

Fax: (971-4) 2259533

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of jewellery, diamonds and gold.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 7,450,000                     UAE Dh 8,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Prashant Shukala, General Manager

 

 

BANKERS

 

·       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

 

Any credit amount that is to be offered to this company should be written under the name of “Diagems General

Trading Inc,” and directed to the companies head office address in the British Virgin Islands.

 

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.45
UK Pound	1	Rs.71.59
Euro	1	Rs.63.01

 

 

 

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	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

 

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%)

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.