MIRA INFORM REPORT

Report No. :	516108
Report Date :	25.06.2018

IDENTIFICATION DETAILS

Name :	DIAMORE DMCC
Registered Office :	Silver Tower, Suite 16 H, Cluster I, Jumeirah Lakes Towers, 340553 Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2017 (Summarized)
Date of Incorporation :	26.01.2011
Com. Reg. No.:	DMCC-31566
Legal Form :	DMCC Free Zone - Limited Liability Company
Line of Business :	Wholesale of watches and jewellery.
No. of Employees :	5

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 :	Slow but Correct
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 (31.12.2017)	Current Rating (01.04.2018)
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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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

BRIEF SUMMARY

COMPANY NAME	DIAMORE DMCC
ADDRESS	Building	Area			City			PO Box
	Silver Tower, Suite 16 H, Cluster I	Jumeirah Lakes Towers			Dubai			340553 Dubai
TEL/FAX	Verified Phones: (+971 50) 550 8399 / (+971 4) 428 9488 (PANIS AND SHAH ASSOCIATES DMCC, subject’s auditing company)
EMAIL/WEBSITE	Email: jayesh.diamore@gmail.com / acctbook@panisnshah.com / Website: www.dnavinchandra.com (subject’s parent)
ACTIVITY	NACE 4648 - Wholesale of watches and jewellery;
PRINCIPAL	Mihir Mehta					Workforce
	Managing Director					5
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	26/01/2011		DMCC-31566	DMCC Free Zone - Limited Liability Company			Active
CAPITAL	CURRENCY			AMOUNT
	AED			100,000

IDENTIFICATION

CO. NAME	DIAMORE DMCC
BUILDING	Silver Tower, Suite 16 H, Cluster I
AREA	Jumeirah Lakes Towers
POSTAL ADDRESS	340553 Dubai
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 50) 550 8399 / (+971 4) 428 9488 (PANIS AND SHAH ASSOCIATES DMCC, subject’s auditing company) / (+971 50) 554 6282
FAX	(+971 4) 428 9487
VERIFIED EMAIL	jayesh.diamore@gmail.com / acctbook@panisnshah.com
WEBSITE	www.dnavinchandra.com (subject’s parent)
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	09:00-18:30	13:00-14:00
REGISTERED ADDRESS	Unit No: AG-16-H AG Tower Plot No: JLT-PH1-I1A Jumeirah Lakes Towers PO Box: 340553 Dubai

SENIOR PERSONNEL

MANAGEMENT	NAME	POSITION
	Mihir Mehta	Managing Director
	Jayesh Shah Mr. Dhaval	Director Internal Auditor at PANIS AND SHAH ASSOCIATES DMCC
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	5	06.2018
	1,200 (D Navinchandra Group)	01.2018

FINANCIAL SUMMARY

SALES	31/12/2017	31/05/2018 (quarterly results, Jan-May)
	USD 50,000,000	USD 18,000,000
NET PROFIT / (LOSS)	Not given but stated to be profitable
FISCAL YEAR-END	31 December.

LEGAL STATUS

INCORPORATION	26/01/2011
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: DMCC-31566 (issued on: 01/02/2011, expiry date: 31/01/2021)	Dubai Multi Commodities Centre
OTHER REGISTRATION NO.	Registration No.: DMCC2394
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	100,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	100,000	AED
BUSINESS HISTORY	The Company was incorporated in Dubai Multi Commodities Centre on 26 January 2011.
LEGAL FORM	DMCC Free Zone - Limited Liability Company
STATUS	Active
SOLE SHAREHOLDER	NAME	PERCENTAGE
	D Navinchandra Pte Ltd Singapore * Dubai Multi Commodities Centre (DMCC) is a free zone authority offering 100% business ownership, a guaranteed 50 year tax holiday and freehold property options. Entities licensed by DMCC (Free Zone Establishment or Free Zone Companies / LLC) are not required to have a local sponsor.	100.00%

OPERATION

BANKERS	National Bank Of Fujairah Khalid Bin Waleed Street PO Box : 2979 Dubai Telephone: (+971 4) 397 1700 Fax : (+971 4) 397 3922
AUDITORS	PANIS AND SHAH ASSOCIATES DMCC Floor 1st, 2nd & 1 7A, Al Mas Tower Jumeirah Lakes Tower PO Box: 340553 Dubai United Arab Emirates Tel: (+971 4) 428 9488 Fax: (+971 4) 428 9487 Mobile: (+971 52) 908 7777 Email: hitesh@panisnshah.com
ACTIVITY CODE (NACE)	4648 - Wholesale of watches and jewellery;
LINE OF BUSINESS	Trading as importers and wholesalers of polished diamonds. Subject sspecialise in round brilliant cuts from stars to pointers, in whites, TTLCs and TTLBs. Subject also carry a large selection of dossiers from 0.30-0.90 ct in D-K colours with VVS-SI clarities.
IMPORT FROM	Belgium, India and Hong Kong.
EXPORT TO	Belgium, India and Hong Kong.
FACILITIES	Leased premises comprising administrative offices located at the heading address.
RELATED COMPANIES	Associates 1. D Navinchandra Gems BVBA Hoveniersstraat 2, PO Box 136 2018, Antwerp Belgium Telephone: (+32 3) 400 4311 E-mail: mihir.mehta@dnavinchandra.com 2. D Navinchandra Gems Pvt Ltd HW 8011B, Bharat Diamond Bourse Bandra Kurla Complex Bandra (East) Mumbai 400051 India Telephone: (+91 22) 615 33222 E-mail: ankit.mehta@dnavinchandra.com 3. D.Navinchandra Gems (HK) Ltd. Unit 1601, 16/F., Winfield Commercial Building, Nos 6-8 Prat Avenue Tsim Sha Tsui, Kowloon Hong Kong

PAYMENT RECORDS

CREDIT OPINION

We consider it is acceptable to deal with subject.

SPECIAL REMARKS

INTERVIEWED

Mr. Dhaval (Internal Auditor at PANIS AND SHAH ASSOCIATES DMCC).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.76
UK Pound	1	INR 89.95
Euro	1	INR 78.85
AED	1	INR 18.54

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

INFORMATION DETAILS

Analysis Done by :	NIS
Report Prepared by :	SUJ

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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