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MIRA INFORM REPORT
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Report No. : |
489183 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
DIARUSH DMCC |
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Registered Office : |
Al Mas Tower, Level 35, Unit 35-J, Plot No. JLT-PH1-A0, Jumeirah Lakes
Towers, Sheikh Zayed Road, PO Box 340572, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.04.2008 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
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Subject engaged as traders of diamonds and diamond jewellery. ·
Subject is a specialist
large-scale rough trader. The company’s main activity is sourcing rough for
precise manufacturing assortments. It mainly targets
manufacturers who have specialist polished programme requirements,
and the emerging manufacturing sector. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
SUMMARY
Company Name :
DIARUSH DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date :
27th April 2008
Trade Licence Number :
30856
Chamber Membership Number :
1152, DMCC
Invested Capital :
UAE Dh 300,000
Total Workforce :
3
Activities :
Traders of diamonds and diamond jewellery
Financial Condition :
Undetermined
Payments :
Slow but correct
Person Interviewed :
Rahul Piyush Mody, Proprietor & General Manager
COMPANY
NAME
DIARUSH DMCC
ADDRESS
Registered & Physical
Address
Building : Al Mas Tower,
Level 35, Unit 35-J, Plot No. JLT-PH1-A0, Jumeirah Lakes Towers
Street : Sheikh Zayed
Road
PO Box :
340572
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4250012
/ 4245905
Facsimile : (971-4)
4250013
Mobile : (971-55)
6088740 / (971-50) 5010899
Email : diarush.dmcc@gmail.com
Please note that subject’s previous address was, Jewellery & Complex
Building, No. 2, 10th Floor, Room 4, Sheikh Zayed Road, Dubai. Subject moved to
the above address in 2011.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
Rahul Piyush Mody Indian Proprietor
& General Manager
Nainesh Shah - Sales
Manager
Bavesh Kumar Mody - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 27th
April 2008
Legal Form : Sole
Proprietorship
Trade Licence No. : 30856
Chamber Member No. : 1152, DMCC
Invested Capital : UAE Dh 300,000
Mr Rahul Piyush Mody is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged as traders of diamonds and diamond jewellery.
Diarush is a specialist large-scale rough trader. The
company’s main activity is sourcing rough for precise manufacturing
assortments. It mainly targets manufacturers who have specialist polished
programme requirements, and the emerging manufacturing sector.
Import Countries: India
Subject has a workforce of 3 employees.
FINANCIAL
DATA
Companies registered in Dubai are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
Habib Bank AG Zurich
Baniyas Road
PO Box: 3306
Dubai
Tel: (971-4) 2214535
PAYMENT
HISTORY
Slow but correct
GENERAL
COMMENTS
Please note that local correspondents spoke to Mr Rahul Piyush Mody, Proprietor & General Manager who refused to
divulge any information on the subject of your enquiry.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.55 |
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1 |
INR 89.82 |
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Euro |
1 |
INR 78.87 |
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UAE Dh |
1 |
INR 17.34 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.