MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SURYAM GEMS & JEWELLERY LLC |
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Registered Office : |
Al Daghaya
Building, Suite 208, Al Daghaya, PO Box 118936, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.07.2007 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Jewellery, Gold and Precious Stones. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SURYAM GEMS & JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 1st July 2007
Trade Licence Number : 597450
Chamber Membership Number : 121142
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Wholesale and retail of jewellery, gold and precious stones.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SURYAM GEMS &
JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Al Daghaya Building, Suite 208
Area : Al Daghaya
PO Box : 118936
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253083
Facsimile : (971-4) 2290989
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Manooj Komar Indian Managing
Director
·
Arvind Fyas Indian Director
·
Mohamed Ahmad
Ali Hussain Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 1st
July 2007
Legal Form :
Limited Liability Company -
LLC
Trade Licence No. : 597450
(Expires 30/06/2008)
Chamber Member No. : 121142
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Mohamed Ahmad
Ali Hussain 51%
·
Manooj Komar 25%
·
Arvind Fyas 24%
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery, gold and precious stones.
Import
Countries: Switzerland,
South Africa and Russia.
Subject has a
workforce of 3 employees.
FINANCIAL DATA
Subject is a newly
formed business and as a result financial information is not currently available.
BANKERS
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken
in Dubai did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
SURYAM
GEMS & JEWELLERY
PROVISION
BALANCE SHEET
As
at 31.12.2007
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PARTICULARS |
AMOUNT |
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ASSETS |
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FIXED ASSETS |
53,159.00 |
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Cost |
60,069.00 |
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Computers & Software |
9,38400 |
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Goodwill |
35,000.00 |
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Office Equipment |
2,600.00 |
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Furniture & Fixture |
13.085.00 |
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Accumulated
Depreciation |
-6,910.00 |
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Computer & Software |
-1,193.00 |
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Goodwill |
-3,622.00 |
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Office Equipment |
-314.00 |
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Furniture & Fixture |
-1,781.00 |
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Total Fixed
Assets |
53,159.00 |
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CURRENT ASSETS |
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Cash in Hand and at Bank |
566,588.57 |
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Cash in Hand |
125,512.89 |
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Cash in Hand |
125,512.89 |
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Cash at Bank |
441,075.68 |
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Standard Chartered Bank-AED |
401,284.79 |
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Standard Chartered Bank- USD |
9,040.89 |
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National bank of Dubai |
30,750.00 |
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Companies
Account |
5,925,169.51 |
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K.G.N. Gems & Jewellery |
525,000.00 |
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Balaji Commercial Brokerage |
5,400,169.51 |
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Stock –Physical |
39,159,154.83 |
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Gold |
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Making |
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Diamond |
39,159,154.83 |
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Investment |
1,571,141.88 |
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Account
Receivable – Curr |
44,605,272.82 |
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Trade Debtors |
44,233,176.32 |
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Other Debtors |
371,873.00 |
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Trade Creditors |
223.50 |
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Workers |
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Deposits &
Prepaid Expenses |
123,311.00 |
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Deposits |
33,510.00 |
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Bank Guarantee to Labour Department |
21,060.00 |
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Security Deposits |
8,250.00 |
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D.E.W.A. |
4,200.00 |
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Prepaid |
89,801.00 |
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Pre-Paid Rent & Other Expenses |
89,801.00 |
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TOTAL CURRENT
ASSETS |
91,950,638.61 |
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Total Assets |
92,003,797.61 |
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LIABILITIES |
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Bills Payable
(P.D.C.) |
62,500.00 |
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Accounts Payable
– Curr |
54,800,150.33 |
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Trade Creditors |
51,437.507.33 |
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Other Creditors |
3,362,643.00 |
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TOTAL CURRENT
LIABILITIES |
54,862,650.33 |
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NET WORKING
CAPITAL |
37,087,988.28 |
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TOTAL |
37,141,147.28 |
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Partnership
Equity |
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Retained Earning as on 31.12.07 |
35,364,869.81 |
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Share Holders Accounts |
1,776,278.00 |
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Samila Rama & Arvind Vyas |
1,776.278.00 |
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TOTAL |
37,141,147.81 |
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-0.53 |
SURYAM
GEMS & JEWELLERY
TRADING
PROFIT & LOSS A/C
As at
31.12.2007
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PARTICULARS |
SURYAM |
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SALES |
51,518,246.12 |
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Gold |
1,776,587.00 |
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Diamond & Spanish Jewellery |
49,741,659.12 |
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COST OF SALE |
15,943,437.40 |
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Opening Balance |
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Purchase |
55,102,592.23 |
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Pure Gold |
1,732,065.00 |
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Gold Making Charges |
22,508.00 |
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Diamond & Spanish Jewellery |
53,348,019.23 |
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Closing Stock |
39,159,154.83 |
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Diamond Jewellery |
39,159,154.83 |
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Direct Expenses |
27,889.00 |
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Custom Duty |
5,752.00 |
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Freight on Import |
4,756.00 |
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fright on Export |
16,081.00 |
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Gold Refinement |
1,300.00 |
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GROSS PROFIT |
35,546,919.72 |
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Returns on investment |
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Other Income |
1,337.00 |
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Miscellaneous Income |
1,337.00 |
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Discount |
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Financial
Expenses |
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PARTICULARS |
WHOLESALE |
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Selling Exp. & Bad Debts |
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Administrative Exp |
173,802.91 |
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Audit Fees |
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Advertisement & Publicity |
2,500.00 |
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Bank Charges |
1,008.31 |
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Commission & Brokerage |
6,250.00 |
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Electricity & water |
559.00 |
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Legal & Professional Charges |
19,660.00 |
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Miscellaneous Exp. |
8,325.00 |
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Printing & Stationery |
1,535.00 |
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Rent |
43,932.00 |
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Salaries & Benefits |
30,000.00 |
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Security Expenses |
2,756.00 |
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Sponsorship Fees |
5,014.00 |
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Telephone, Telex & Fax |
21,451.00 |
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Trade Licence & Reg. |
14,745.00 |
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Traveling & Conveyance |
14,720.00 |
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Visa Expenses |
1,345.00 |
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Depreciation |
6,910.00 |
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Goodwill |
3,622.00 |
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Furniture & Fixture |
1,781.00 |
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Office Equipment |
314.00 |
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Computer & Software |
1,193.00 |
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NET PROFIT |
35,364,869.81 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)