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MIRA INFORM REPORT
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Report No. : |
488000 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
DIDA
DIAMONDS DMCC |
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Registered Office : |
Unit No. 2W-05-05, Jewellery & Gemplex 2, Level 5, Plot No.
Dmcc-Ph2 J&G, 625816, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
06.03.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of diamonds, jewellery and other precious stones. |
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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 : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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 :
DIDA DIAMONDS DMCC
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Limited Liability Company
Registration
Date : 6th
March 2013
DMCC
Number :
3902
Trade
Licence Number :
32869
Issued
Capital :
UAE Dh 50,000
Paid
up Capital :
UAE Dh 50,000
Total
Workforce :
3
Activities :
Distributors of diamonds, jewellery and other precious stones
Financial
Condition :
Undetermined
Payments : Slow
but correct
Company
name and address
DIDA
DIAMONDS DMCC
ADDRESS
Registered
& Physical Address
Location : Unit No. 2W-05-05, Jewellery &
Gemplex 2, Level 5, Plot No. DMCC-PH2 J&G
PO
Box : 625816
Town : Dubai
Country : United Arab Emirates
Mobile :
(971-56) 1083813 / (971-55) 4628003 / (971-50) 1428163
Email :
didadiamondsdmcc@gmail.com
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
Saeed Ahmed Belgian Managing
Director
Mohamed Halawai - General
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 6th March 2013
Legal
Form : Limited Liability Company
DMCC
No. : 3902
Trade
Licence No. : 32869
Issued
Capital : UAE Dh 50,000
Paid
up Capital : UAE Dh 50,000
Name
of Shareholder (s) Percentage
Saeed Ahmed 100%
OPERATIONS
Activities: Engaged in the import and
distribution of diamonds, jewellery and other precious stones.
Import
Countries:
Europe and the Far East
Subject
has a workforce of 3 employees.
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
Emirates
National Bank of Dubai
Baniyas
Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
PAYMENT
HISTORY
Slow
but correct
GENERAL
COMMENTS
Please
note that the correct name of the subject is “Dida Diamonds DMCC” and not “Dida
Dimonds DMCC”.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.54 |
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1 |
INR 89.82 |
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Euro |
1 |
INR 78.86 |
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UAE Dh |
1 |
INR 17.36 |
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 : |
DNS |
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.