MIRA INFORM
REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
FANTASY DIAMONDS FZC
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Registered Office : |
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Country : |
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Date of Incorporation : |
03.03.2008 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers, Re-Exporters and Wholesalers of Loose Diamonds. |
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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
Company NAME
Fantasy Diamonds FZC
Company ADDRESS
Building :
Street :
Area : Gold Souq, Deira Area
PO Box : 57916
Town :
Country :
Telephone : 225 2992 / Mobile (971 50) 340 0675 (Dipan Shashikant Vora)
Fax : 225 2991 (ask for fax)
E-Mail : 3400675@gmail.com / fantasydiamonds@gmail.com
SENIOR COMPANY PERSONNEL
Name Position
1. Dipan Shashikant Vora Managing Director
2. Charvi Dipan Vora (Mrs) Director
Total Employees : 3
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
We consider it is acceptable to deal with subject for MEDIUM amounts.
Trade risk assessment:
PRINCIPAL BANKERS
NAME : RAK BANK
Branch : Sultan Business Centre
P.O. Box : 1 531
Town :
Telephone: (971 4) 224 8000
Fax : (971 4) 337 0342 / 337 0342
Subject also has an account with other local banks.
FINANCIAL INFORMATION
Private companies in
Sales turnover : US DLRS 3,000,000 - 2008 – exact *
: US DLRS 4,000,000 - 2009 – exact
: US DLRS 8,000,000 – 2010 – exact
Net Profit : not given but stated to be profitable
Working Capital : US DLRS 200,000 (as of April 2010)
* First 10 months in operations (March-December).
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 3 March 2008
History : Subject was
established in Hamriyah Free Zone, Sharjah in 3 March 2008. Subject is registered in Hamriyah Free Zone, however maintains its office in
Trade License No.: 3529 (expiry date: 03/03/2011)
Authorised Capital : Dh 150,000
Paid-Up Capital : Dh 150,000
Free Zone Company (limited liability company) with the following shareholders :
1. Dipan Shashikant Vora (majority)
(Indian national)
2. Charvi Dipan Vora (Mrs)
(Indian national / wife of the above)
* According to Hamriyah Free Zone Authority, which was established by an Emiry decree in November 12, 1995, Free Zone Establishment (FZE) incorporated in Hamriyah Free Zone is a single shareholder limited liability company. A Free Zone Company (FZC) can have multiple shareholders (maximum 5 shareholders) who can be either foreign individuals or a corporate body. The minimum capital requirement for incorporating a Free Zone Establishment (FZE) or Free zone Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).
ACTIVITIES
The Company is involved in the following activities :
Importers, re-exporters and wholesalers of loose diamonds.
Imports from
Re-exports to
FACILITIES
The Company has the following facilities :
Rented office premises located at the heading address.
Subject is registered
in Hamriyah Free Zone, however maintains its office
in
REGISTERED OFFICE
Hamriyah Free Zone, Bldg. 70, G27
Sharjah
SPECIAL NOTE
The address and fax numbers given by you: E-708-27, Hamariya Free Zone, P.O. Box 57916 Sharjah, 00971-8482929 are incorrect. Please note that subject’s correct operational office contact details are as per heading.
Interviewed: Dipan Shashikant Vora (Managing Director).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.45 |
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1 |
Rs.72.91 |
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Euro |
1 |
Rs.61.43 |
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 Company |
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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.