MIRA INFORM REPORT
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Report No. : |
310428 |
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Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
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Name : |
FINE DIAMONDS
TRADING FZE |
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Registered Office : |
SM Office E1-2016F Ajman |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
24.07.2014 |
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Com. Reg. No.: |
11704, Ajman |
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Legal Form : |
Free Zone
Establishment - FZE |
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LINE OF BUSINESS : |
ENGAGED IN THE IMPORT AND DISTRIBUTION
OF DIAMONDS AND JEWELLERY. |
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No. of Employee : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
UNITED ARAB EMIRATES 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.
|
Source
: CIA |
SUMMARY
Company Name : FINE
DIAMONDS TRADING FZE
Country of Origin : Ajman,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 24th
July 2014
Trade Licence
Number : 11704,
Ajman
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce :
2
Activities :
Distributors of diamonds and jewellery
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Vijay Savani,
General Manager
COMPANY
NAME
FINE DIAMONDS
TRADING FZE
ADDRESS
Registered & Physical
Address
Location : SM Office E1-2016F
Town : Ajman
Country : United Arab Emirates
Mobile : (971-55) 9171299 / 7322130
Email : finediamonds@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Ajman.
KEY
PRINCIPALS
Name Nationality Position
·
Ms Saloni
Vijay Indian Managing
Director
·
Vijay
Savani Indian General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 24th
July 2014
Legal Form :
Free Zone Establishment –
FZE
Trade Licence No. : 11704,
Ajman
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Ms
Saloni Vijay 100%
OPERATIONS
Activities: Engaged in the import and distribution of
diamonds and jewellery.
Import
Countries: India
Principal
Suppliers:
·
Sara Diamonds
Pvt Ltd India
·
Sheem
Diam DMCC Dubai
Subject has a
workforce of 2 employees.
FINANCIAL
DATA
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
Acc No. 1024995790702
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.