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Report No. : |
307971 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
DIAM ROUGH DMCC |
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Registered Office : |
Unit No. 15-B Almas Tower, Plot No. LT-2, Jumeirah Lakes Towers, 625826 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.05.2012 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
ENGAGED IN THE IMPORT AND DISTRIBUTION OF DIAMONDS, DIAMOND
JEWELLERY, PRECIOUS STONES AND PEARLS. |
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No of Employees : |
2 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
Company Name : DIAM ROUGH DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 22nd May 2012
DMCC Licence Number : 32274
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Total Workforce : 2
Activities : Distributors of diamonds and diamond jewellery
Financial Condition : Good
Payments : Nothing detrimental uncovered
Person Interviewed : Retish Patel, Director
DIAM ROUGH DMCC
Location : Unit No. 15-B Almas Tower, Plot No.
LT-2, Jumeirah Lakes Towers
PO Box : 625826
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4281391
Facsimile : (971-4) 4289217
Mobile : (971-55) 2197441
Email : diamrough@gmail.com
Please note that
subject’s previous address was, Unit No. 30-01-107, 1st Floor,
Building No. 3, Plot No. 550-554, J & G DMCC, Jumeirah Lake Towers, Dubai.
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Name Nationality Position
·
Manesh
Kumar Vinodray Tejani Indian Managing
Director
·
Retish
Patel - Director
Date of Establishment : 22nd
May 2012
Legal Form :
Limited Liability Company
DMCC Licence No. : 32274
DMCC
Reg. No. : 3270
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
·
Jayvidiam
Limited 100%
RAK Free Zone
Ras Al Khaimah
Activities: Engaged in the import and distribution of
diamonds, diamond jewellery, precious stones and pearls.
Import
Countries: Europe and the
Far East.
Suppliers:
·
Samir Gems DMCC Dubai
·
Twinkle International DMCC Dubai
·
Chirag Diamonds BVBA Belgium
Subject has a
workforce of 2 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Balance Sheet 31/12/13
Assets
Non-current assets
Property and
furniture 416,066
Current assets
Inventory 242,092
Trade and other
receivables 9,207,264
Due from related
party 3,251,000
Cash and cash
equivalents 649,688
13,350,044
Total assets 13,766,110
Equity and
Liabilities
Equity
Share capital 54,496
Accumulated profits 3,747,795
Equity funds
Shareholders’
current account 5,743,375
Total equity 9,545,666
Current liabilities
Trade and other
payables 4,220,444
Total equity and
liabilities 13,766,110
Income Statement
22/05/2012 – 31/12/2013
Sales 24,187,723
Cost of sales (20,393,150)
Gross profit 3,794,573
Other income 7,357
Administrative
expenses (54,135)
Profit for the
period 3,747,795
Other comprehensive
income -
Total comprehensive
income for the period 3,747,795
Local sources
consider subject’s financial condition to be Good.
Total revenue for
the year ending 31st December 2014 was US$ 33,000,000.
·
ABN
Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
Account No. 307719600003270
·
Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs. 62.20 |
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|
1 |
Rs. 95.99 |
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Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.