MIRA INFORM
REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
DECENT DIAMOND & JEWELLERY LLC |
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Registered Office : |
Halima Sultan
Aloais Building, 1st Floor, Suite 675, Murshid Bazaar, Al Bateen,
Gold Souq, Deira, P O Box 57941, Dubai |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
22.09.2002 |
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Com. Reg. No.: |
60452, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of jewellery, precious stones, crystal products and watches |
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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : DECENT DIAMOND & JEWELLERY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd September 2002
Commercial Registration Number : 60452,
Trade Licence Number : 537703
Chamber Membership Number : 71888
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 8
Activities : Wholesale and retail of jewellery, precious stones, crystal products and
watches
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Pallack Vora, Financial Controller
COMPANY
NAME
DECENT DIAMOND
& JEWELLERY LLC
company
ADDRESS
Registered & Physical
Address
Building :
Street : Murshid Bazaar
Area : Al Bateen, Gold Souq, Deira
PO Box : 57941
Town :
Country : United Arab Emirates
Telephone : (971-4) 2353715
Facsimile : (971-4) 2353714
Email : decentjewellery@emirates.net.ae
/ decentuae@yahoo.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
·
Dilip
Ramnikala Shah Indian Managing
Director
·
Mohamed
Rashid Mohamed Al Abdouli Emirati Director
·
Kartik
Kossani - Sales
Manager
·
Pallack Vora - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 22nd
September 2002
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 60452,
Trade Licence No. : 537703
Chamber Member No. : 71888
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mohamed
Rashid Mohamed Al Abdouli 51%
·
Dilip
Ramnikala Shah 49%
AFFILIATED
COMPANIES
·
Daiaccent Export
Tel: (852)
23144114
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, precious stones, crystal products and watches.
Import
Countries: Europe,
Operating Trend: Steady
Subject has a
workforce of 8 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/08: Year Ending
31/12/09:
Total Sales UAE Dh
13,800,000 UAE Dh
15,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Pallack Vora, Financial
Controller
BANKERS
·
Emirates
Bank International Ltd
Deira
PO Box: 2923
Tel: (971-4) 2256256 / 2256900
Fax: (971-4) 2268005 / 2267718
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Established in
2002, subject is owned and managed by Mr Dilip Ramnikala Shah who is an Indian
national operating in
Local sources
report that subject meets its payments in a timely manner and is considered to
be 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.44.52 |
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|
1 |
Rs.72.72 |
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Euro |
1 |
Rs.64.41 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.