MIRA INFORM REPORT

 

 

Report Date :           

28.07.2011

 

IDENTIFICATION DETAILS

 

Name :

AL NOBALA DIAMONDS LLC

 

 

Registered Office :

Mohamed Hamad Al Haidan Building, Al Khor Street,: Old Gold Souk, Deira, P O Box 51405, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.06.2002

 

 

Com. Reg. No.:

59544, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of jewellery, precious stones and watches

 

RATING & COMMENTS

 

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.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

 Bottom of Form

SUMMARY

 

Company Name                                     : AL NOBALA DIAMONDS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Start Date                                             : 1989

Registration Date                                   : 5th June 2002

Commercial Registration Number            : 59544, Dubai

Trade Licence Number                            : 128430

Chamber Membership Number                : 69490

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 6

Activities                                               : Wholesale and retail of jewellery, precious stones and watches.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Udai Debri, Administrative Officer

 

COMPANY NAME

 

AL NOBALA DIAMONDS LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Mohamed Hamad Al Haidan Building

Street               : Al Khor Street

Area                 : Old Gold Souk, Deira

PO Box             : 51405

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2266900

Facsimile          : (971-4) 2266640

Mobile               : (971-50) 6447069

Email                : alnobala@hotmail.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.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Sheikh Zayed Road                                                                           Rented sales office

Dubai

     Tel: (971-4) 3477443 / 3477493

     Fax: (971-4) 3476118

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Ramesh Jamandas Khimiji                                 Indian                        Managing Director

 

·       Fardan Abdullah Fardan Ali Al Fardan    Emirati                       Director

 

·       Parag Parekh                                                       -                            General Manager

 

·       Audi Devera                                                         -                            Finance Manager

 

·       Udai Debri                                                           -                            Administrative Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1989, however it was officially registered on 5th June 2002

 

History                         : Subject was originally established between the following shareholders:

 

                                      - Hamir Rajendra Disai

                                      - Fardan Abdullah Fardan Ali Al Fardan

 

                                      However Hamir Rajendra Disai withdrew from the company after selling his shares to Mr

  Ramesh Jamandas Khimiji.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 59544, Dubai

 

Trade Licence No.       : 128430 (Expires 02/02/2012)

 

Chamber Member No. : 69490

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                               Percentage

 

·       Fardan Abdullah Fardan Ali Al Fardan                  51%

 

·       Ramesh Jamandas Khimiji                                              49%

 

 

AFFILIATED COMPANIES

 

·       Al Nobala Daimonds FZCO

     Jebel Ali Free Zone

     Dubai

 

·       Le Brilliant FZCO

     Jebel Ali Free Zone

     Dubai

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of jewellery, precious stones and watches.

 

Import Countries: Belgium, India and Hong Kong

 

Export Countries: Saudi Arabia, Russia and the United States of America

 

Subject has a workforce of 6 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 61,000,000                   UAE Dh 63,400,000

 

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

 

The above financial figures were based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Dubai

Baniyas Street

PO Box: 1709

Deira

Dubai

Tel: (971-4) 2227121 / 2253222

     Fax: (971-4) 2220943 / 2254565

 

·       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

 

Established in 1989, subject is owned and managed by Mr Ramesh Jamandas Khimiji, an Indian national who operates in Dubai under the local sponsorship of Mr Fardan Abdullah Fardan Ali Al Fardan.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.95

UK Pound

1

Rs.72.12

Euro

1

Rs.63.67

 

 

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.