MIRA INFORM REPORT

 

 

Report Date :

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

true diamonds llc

 

 

Registered Office :

Al Dhagaya Building, Office 109 Deira, Gold Souq P.O.Box No.: 43708 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

09.04.2007

 

 

Com. Reg. No.:

1008146

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers and wholesalers of loose diamond.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown 

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name 

 

True Diamonds LLC

 

 

ADDRESS

 

Building             : Al Dhagaya Building, Office 109

 

Area                 : Deira, Gold Souq

 

P.O.Box No.      : 43708

Town                  : Dubai

Country             : United Arab Emirates

 

Telephone         : (971 4) 225 7662 (unattended) / Mobile (971 50) 957 4321          

                        (unobtainable)

Fax                   : (971 4) 225 7626 (unattended)

E-Mail                : truediamondsllc@hotmail.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                                        Position

 

Raheel Nemesh Joksi                 Managing Director

 

Total Employees : 1 (as of October 2010)

 

 

PAYMENTS

 

Current trade experience of payments has not been traced.

 

Our local sources could not contact the subject and obtain a direct

interview. According to our subject’s contact numbers were as above. The telephone number is currently unattended and the mobile number is unobtainable. Several messages have been sent to the above email address and fax number requesting a contact, however no reply have been received. No other telephone numbers are listed for the subject at the local telephone directory.

 

According to the local Chamber of Commerce subject's position is

shown as an active company.

 

We believe that subject may be on a prolonged holiday or has temporarily ceased trading, however we have been unable to verify this with the company or third parties.

 

Information in this report was obtained from the third party sources

only.

 

Opinion on maximum credit : In view of the above we have insufficient

                            basis on which to speak for unsecured

                            credit and recommend dealing on fully

                            secured terms for all transactions

                            pending fuller knowledge.

 

Trade risk assessment : No classification (see above comments)

 

 

PRINCIPAL BANKERS

 

NAME     : RAK BANK

 

Branch   : Sultan Business Centre

P.O. Box : 1531

Town     : Dubai

 

Telephone: (971 4) 224 8000

Fax      : (971 4) 337 0342 / 337 0342

 

According to our records the subject's banker is as above. This bank has been approached a number of times but no reply has been received.

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available and no financial information could

be obtained from third party sources.

 

The following financial information is the latest available on the subject in our file:

 

Sales turnover     : US DLRS 10,000,000 - 2009 - exact

                   : US DLRS 10,000,000 - 2010 - estimated

                          

Net Profit         : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 9 April 2007

 

History : The subject company was established in Dubai on 9 April

2007.

 

C.R. No. : 1008146

 

Trade License No.: 593754 (expiry date: 8 April 2012)

 

DCCI Membership No.: 117753 (issue date: 10 April 2007)

 

Authorised Capital : Dh 300,000

 

Paid-Up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                                                Percentage

 

1. Roshbah Pankeem Shah                                            25%

   (Belgium national / Date of Birth: 20/04/1983)

 

2. Raheel Nemesh Joksi                                                 24%

   (Indian national / Date of Birth: 06/08/1985)

 

3. Al Boraq Investments & Developments LLC *              51%

   PO Box 2553

   Abu Dhabi

   Telephone: (971 2) 626 3321

   Fax      : (971 2) 626 3321

   Economic Dept. : 1069835  

   Commercial No. : 61176   

 

* The local sponsor, according to UAE laws must hold a minimum of 51%

of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company

 

Other affiliated companies of Al Boraq Investments & Developments

LLC in Dubai :

 

1.  Gulf Prime LLC

    Dubai

    Est.: 20/11/2008

    Trade License : 619487

 

2.  Gutmann Middle East LLC

    Dubai

    Est.: 29/10/2007

    Trade License : 602337

 

3.  Sterling Designs LLC

    Dubai

    Est.: 17/10/2007

    Trade License : 601901

 

4.  Baj Rang Land Floor Tiling Works LLC

    Dubai

    Est.: 5/08/2007

    Trade License : 599055

 

5.  BMS Commercial Broker LLC

    Dubai

    Est.: 30/07/2007

    Trade License : 598769

 

6.  Tejori Gems LLC

    Dubai

    Est.: 27/07/2007

    Trade License : 559875

 

7.  Ruth Diamonds LLC

    Dubai

    Est.: 26/07/2007

    Trade License : 598654

 

8.  Mag Nexus General Trading LLC

    Dubai

    Est.: 14/06/2006

    Trade License : 582572

 

9.  CDC General Trading LLC

    Dubai

    Est.: 9/05/2007

    Trade License : 595133

 

10. Uniglow Trading LLC

    Dubai

    Est.: 3/05/2007

    Trade License : 594835

 

11. Adaptive Technologies LLC

    Dubai

    Est.: 16/04/2006

    Trade License : 580234

 

12. Laidlaw Gulf LLC

    Dubai

    Est.: 14/04/2008

    Trade License : 609653

 

13. Magnolia Jewellery LLC

    Gold Land Building 129

    Deira, Gold Souq

    P.O. Box 54432

    Dubai

    Telephone:  (971 4) 226 7404

   Fax      :  (971 4) 226 7426

    E-Mail   :  bhawinmehta@hotmail.com

    Date Started : 13 September 2007

    C.R. No. : 1016354

    DCCI Membership No. : 124006

    Trade License No. : 600631 

 

14. Precision Steel Fabrication Industries LLC

    Dubai

    Est.: 30/03/2004

    Trade License : 555373

 

15. Vinayaka Jewellery LLC

    Dubai

    Est.: 27/03/2007

    Trade License : 593215

 

16. Admecco Electro Mechanical Works LLC

    Dubai

    Est.: 13/03/2007

    Trade License : 592685

 

17. Akbar Travels of India LLC

    Dubai

    Est.: 14/02/2007

    Trade License : 591496

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and wholesalers of loose diamond.

 

Registered activity : Watches & Spare Parts Trading, Jewellery Trading, Pearls & Precious Stones Trading, Crystal Products Trading and Non-Manufactured Precious Metal Trading.

 

NACE Code: 4648

 

Imports mainly from India, USA, Hong Kong and Belgium.

 

Exports to Hong Kong, Belgium, USA and India.

 

 

FACILITIES

 

The Company has the following facilities :

 

Registered office located at the heading address.

 

 

SPECIAL NOTE

 

Interviewed: Third Party Sources.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.36

 

 

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

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

--

NB

                                       New Business

 

--

 

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

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