MIRA INFORM REPORT

 

 

Report Date :           

28.07.2011

 

IDENTIFICATION DETAILS

 

Name :

PACIFIC DIAMONDS FZE

 

 

Registered Office :

Building No. B1501, Suite C, Ajman Free Zone, P.O.Box No 2214, Ajman 

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

01.06.2010

 

 

Legal Form :

Single Shareholder Limited Liability Company

 

 

Line of Business :

importers, wholesalers and retailers of diamonds, jewellery and precious stones.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Nb

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

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)

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

 

Company NAME

 

Pacific Diamonds FZE

 

 

Company ADDRESS

 

Building             : Building No. B1501, Suite C

Area                 : Ajman Free Zone

P.O.Box No.      : 2214

Town                 : Ajman 

Country             : United Arab Emirates

Telephone         : (971 6) 748 2108 / (971 55) 583 4284 / (971 50) 626 1219

Fax                   : (971 6) 526 4097

E-Mail               : pacificdiamonds.uae@gmail.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                                       Position

 

Satyendra Kumar Shokla            General Manager             

 

Total Employees : 4

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a relatively newly established company, established on 1 June 2010.

 

We consider it is acceptable to deal with subject for LARGE amounts.

 

Trade risk assessment: Above Average

 

 

PRINCIPAL BANKERS

 

NAME     : STANDARD CHARTERED BANK

Branch   : Bank Street Shuwaiheen

P.O. Box : 5

Town     : Ajman

Telephone: (971 6) 335 7788

Fax      : (971 6) 354 3604

 

Subject also has an account with :

 

Abu Dhabi Commercial Bank

Al Ittihad Road

PO Box 1843

Ajman

Telephone: (971 6) 744 3444

Fax         : (971 6) 744 3300

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover        : US DLRS 160,000,000 – 2011 – exact *

                         

Net profit                : not given, but stated to be profitable

 

* For a period from June 2010 to June 2011.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started :                1 June 2010

 

Trade License No.:         5217 (expiry date: 9 June 2012)

 

Capital :                        not applicable

 

Free Zone Establishment (single shareholder limited liability company) with the following sole shareholder :

 

Ashmoore Developments Limited           100%

British Virgin Islands

 

* According to the Amiri decree no.3 of 1996 issued by H.H. Sheikh Humaid Bin Rashid Al Nuaimi, Ruler of Ajman, granting autonomous status to Ajman Free Zone (established 1988),  a  company incorporated in Ajman Free Zone shall be registered as one of the following:  Free Zone Entity (FZE)  is  a  legal entity owned (100%) by either a person or a corporate body, must have a capital equivalent to US DLRS 50,000, the liability of the owner is limited to the amount of the share capital; Free Zone Company (FZC) has a separate legal identity and the liability of its owner is limited to the value of the paid up shared capital: Branch of a foreign company -licenses under this category are issued to foreign companies established outside the UAE than intend to incept a branch or a subsidiary of their foreign registered company. The activity may be commercial, industrial or professional/services; branch of a local company- licenses under this category are issued to companies holding a valid licence from any UAE licensing authority except from other Free Zones.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and retailers of diamonds,  jewellery and precious stones.

 

NACE Code: 4648 / 4777

 

Imports from India, USA and Hong Kong.

 

Exports to India and USA.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices with storage facilities located at the heading address.

 

 

SPECIAL NOTE

 

Interviewed: Satyendra Kumar Shokla (General Manager)

 

Bottom of Form

 

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.