MIRA
INFORM REPORT
|
Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIROYA JEWELLERS LLC |
|
|
|
|
Registered Office : |
The Gold Center,
1st Floor, Suite 27, Al Khor Street, New Gold Souq, PO Box 16067, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
06.11.1992 |
|
|
|
|
Com. Reg. No.: |
42492, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Retailers of Jewellery |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SIROYA JEWELLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 6th November 1992
Commercial Registration Number : 42492, Dubai
Trade Licence Number : 229396
Chamber Membership Number : 25536
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 65
Activities : Retailers of jewellery.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SIROYA JEWELLERS LLC
ADDRESS
Registered & Physical Address
Building : The Gold Center, 1st
Floor, Suite 27
Street : Al Khor Street
Area : New Gold Souq
PO Box : 16067
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2265678 / 2254254
Facsimile : (971-4) 2251840
Email : siroya@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Dubai.
Branch Office
(s)
Location Description
·
Hamil Bin Khadim Al Ghaith Building Rented
retail outlet
Al Khaleej Street
Dubai
Tel:
(971-4) 2261313
Fax: (971-4) 2251840
·
Mirza Hussain Al Fardan Building Rented
retail outlet
Al Mussalla Street
Bur Dubai
Dubai
Tel:
(971-4) 3511001
Fax:
(971-4) 3511002
KEY PRINCIPALS
Name Position
·
Chandra Prakash Siroya Managing
Director
·
Ashok Siroya Director
·
Sanjay Siroya Director
·
Jayant Thakker Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 6th
November 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42492, Dubai
Trade Licence No. : 229396
(Expires 30/10/2009)
Chamber Member No. : 25536
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Sheikh Majid Hamad
Al Qassimi 51%
·
Chandra Prakash Siroya 25%
·
Ashok Siroya 12%
·
Sanjay Siroya 12%
OPERATIONS
Activities: Retailers of jewellery, specialising in 21K & 22K
jewellery pieces, as well as dealing in rough, cut and
polished diamonds, precious stones like emeralds and rubies.
Subject also provides custom
made jewellery items and handmade bangles.
Import
Countries: Bahrain, India,
Italy, Turkey, Singapore, Malaysia
Operating Trend: Steady
Subject has a workforce
of 65 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
22,600,000 UAE Dh
23,340,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
The Standard
Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box : 999
Dubai
Tel : (971-4) 2520455
·
Habib Bank Ltd
Murshid Bazaar
PO Box : 888
Dubai
Tel : (971-4) 2221281
Fax : (971-4) 2284631
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Siroya Jewellers LLC has been trading for over a decade and is well
established in the local business market. The company specialises in 21K & 22K
jewellery pieces, as well as dealing in rough, cut and polished diamonds,
precious stones like emeralds and rubies.
The company is owned by members of the Siroya family who have many years
experience in the jewellery industry and are respected businessmen in the local
community.
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.33 |
|
UK Pound |
1 |
Rs.73.92 |
|
Euro |
1 |
Rs.66.69 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)