MIRA
INFORM REPORT
|
Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JEWEL TRADE DMCC |
|
|
|
|
Registered Office : |
502 Royal Diamond Building, 5th Floor, Al Daghaya Street, Deira, PO Box 57691, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale and Retail of Diamonds, Precious Stones and Jewellery
Items |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : JEWEL TRADE DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 2004
Trade Licence Number : 30089
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 4
Activities : Wholesale and retail of diamonds, precious stones and jewellery items
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Amit Sarkar, Finance Manager
COMPANY NAME
JEWEL TRADE DMCC
ADDRESS
Registered & Physical Address
Building : 502 Royal Diamond Building, 5th Floor
Street : Al Daghaya Street
Area :
Deira
PO Box : 57691
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2295066 / 2996776 / 2959311
Facsimile : (971-4) 2295166 / 2996779 / 2954024
Mobile : (971-50) 4642125
Email : diamond@emirates.net.ae
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 Position
·
Hasit Shah Managing
Director
·
Chandan Shah Director
·
Amit Sarkar Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2004
Legal Form : Limited Liability
Company
Trade Licence No. : 30089
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s)
· Digico
Holding Co Ltd
Hong Kong
· Hasit Shah
OPERATIONS
Activities: Engaged in the wholesale and retail of diamonds, precious stones and
jewellery items.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 4 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 126,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Amit
Sarkar, Finance Manager.
BANKERS
·
Commercial Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4)
3523355
Fax : (971-4)
3527655 / 2524796
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 2004, subject is involved in the wholesale and retail of
diamonds and precious stones.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the business is considered to be a
fair trade risk.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
|
UK Pound |
1 |
Rs.74.87 |
|
Euro |
1 |
Rs.60.81 |
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%)