MIRA INFORM REPORT
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Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
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Name : |
BROWN DIAMOND & JEWELLERY LLC |
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Registered Office : |
Mohamed
Ibrahim Lootah Building, Office No. 102, 1st Floor, Gold Souq, Deira, P O Box 57869, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.08.2005 |
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Com. Reg. No.: |
76025, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of diamonds, precious stones, jewellery, watches and gift items |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
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 : BROWN DIAMOND & JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 30th August 2005
Commercial Registration Number : 76025, Dubai
Trade Licence Number : 572881
Chamber Membership Number : 100622
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 2
Activities : Distributors of diamonds, precious stones, jewellery, watches and gift
items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kithor Kumar Amarthi Bhai Mangokia, Managing Director
COMPANY NAME
BROWN DIAMOND & JEWELLERY LLC
company ADDRESS
Registered &
Physical Address
Building : Mohamed
Ibrahim Lootah Building, Office No. 102, 1st Floor
Area : Gold Souq, Deira
PO Box : 57869
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2255665 / 3400272 / 2267662
Facsimile : (971-4) 2256655
Mobile : (971-50) 6401008
Email : brown@emirates.net.ae
/ smskishor@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
·
Kithor
Kumar Amarthi Bhai Mangokia Indian Managing
Director
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Ali
Abdullah Fardan Al Fardan Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 30th
August 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 76025, Dubai
Trade Licence No. : 572881
(Expires 29/08/2012)
Chamber Member No. : 100622
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Ali
Abdullah Fardan Al Fardan 51%
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Kithor
Kumar Amarthi Bhai Mangokia 49%
OPERATIONS
Activities: Engaged in the import and distribution of diamonds,
precious stones, jewellery, watches and gift items.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 2 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
21,000,000 UAE Dh
21,360,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Kithor Kumar Amarthi Bhai Mangokia, Managing Director
BANKERS
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Brown Diamond & Jewellery LLC commenced operations in August 2005 and is engaged in the import and distribution of jewellery, watches, precious stones and gift items.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.
Bottom of Form
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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UK Pound |
1 |
Rs.74.56 |
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Euro |
1 |
Rs.65.34 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.