MIRA INFORM REPORT

Report No. :	484379
Report Date :	06.01.2018

IDENTIFICATION DETAILS

Name :	KARAN DIAM DMCC
Registered Office :	Almas 29C, Almas Tower, Plot No: JLT-PH1-A0 Jumeirah Lakes Towers, Dubai, 625840
Country :	United Arab Emirates
Date of Incorporation :	12.12.2012
Com. Reg. No.:	3663, Dubai
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in the import and distribution of rough and polished diamonds, jewellery and precious stones.
No. of Employees :	1

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 from the oil and gas sector to 30%.

Since the discovery of oil in the UAE nearly 60 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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.

The global financial crisis of 2008-09, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.

The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

Source : CIA

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name	:	KARAN DIAM DMCC
2) Registered Address:
Address	:	Almas 29C, Almas Tower, Plot No: JLT-PH1-A0 Jumeirah Lakes Towers
Town	:	Dubai
Country	:	United Arab Emirates
PO Box	:	625840
Phone (s)	:	(971-4) 3623613
Facsimile	:	(971-4) 3623618
Mobile	:	(971-52) 9161967
Email		karandiamdmcc@gmail.com
3) Operational Address & Contact Details:
Address	:	Almas 29C, Almas Tower, Plot No: JLT-PH1-A0 Jumeirah Lakes Towers
Town	:	Dubai
Country	:	United Arab Emirates
PO Box	:	625840
Phone (s)	:	(971-4) 3623613
Facsimile	:	(971-4) 3623618
Mobile	:	(971-52) 9161967
Email		karandiamdmcc@gmail.com
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category	:	Limited Liability Company
Date of Registration	:	12th December 2012
DMCC Number	:	3663, Dubai
Trade Licence Number	:	32647
KEY FACTS
Operational Status	:	Normal
Financial Condition	:	Undetermined
Primary Business Activity	:	Distributors of rough and polished diamonds, jewellery and precious stones
Number of Employees	:	1
Capital	:	UAE Dh 100,000
Note:
Engaged in the import and distribution of rough and polished diamonds, jewellery and precious stones.
CAPITAL DETAILS
Issued Capital:
No of Shares		No of Shares		Amount
N/A		N/A		UAE Dh 100,000
Paid Up Capital:
No of Shares		No of Shares		Amount
N/A		N/A		UAE Dh 100,000
FINANCIAL DATA
Companies registered in Dubai, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.
BANKERS
1	Name		Emirates National Bank of Dubai
	Address		Gold Branch Jumeirah Lake Towers Dubai
SHAREHOLDERS
Sr.No	Name		Country	Percentage
1	Lever Stone Ltd		Hong Kong	100%
SENIOR MANAGEMENT
Sr.No	Name		Designation
1	Bhavesh Patel		Managing Director
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country		Activity
1	Europe		Import
2	Far East		Import
Local Suppliers:
Sr.No	Name
1	Diarush DMCC
2	Rosy Blue DMCC
3	Twinkle Gems
PREMISES
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults	:	No record found
Payment Defaults	:	No record found
Adverse Press Coverage	:	No record found
Litigations	:	No record found
Former Business Relationships	:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Bhavesh Patel, Managing Director
Please note that local correspondents have spoken to Mr Bhavesh Patel, Managing Director who confirmed that the subject only deals in rough and polished diamonds, jewellery and precious stones. Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.38
UK Pound	1	INR 86.02
Euro	1	INR 76.50
UAE Dh	1	INR 17.25

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.