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MIRA INFORM REPORT

 

 

Report Date :

08.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MANTRA JEWELS

 

 

Registered Office :

Gold Souq, opposite to Gold Souq Bus, Royal Diamond Building, 2nd Floor, Office No. 206

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

27.08.2008

 

 

Com. Reg. No.:

1034153

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as Importers and Wholesalers of Diamond and Gold Jewelries.

 

 

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 :

Usually 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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

Mantra Jewels

 

 

Company ADDRESS

 

Building            : Royal Diamond Building, 2nd Floor, Office No. 206

Area                 : Gold Souq, opposite to Gold Souq Bus

P.O.Box No.     : 58608

Town                : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 229 0864 / (Mobiles) (971 50) 119 2092 / (919 98)

                         734 3333 (Rajkumar Sancheti)

Fax                   : (971 4) 229 0894

E-Mail               : belstar@eim.ae

Also known as   : Mantra Jewels LLC

 

 

SENIOR COMPANY PERSONNEL

 

            Name                            Position

 

1. Rajkumar Sancheti                 Managing Director

 

2. Rajiv Kanwarlal Jain               Director

 

Total Employees : 4

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for LARGE amounts.

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME               : STANDARD CHARTERED BANK

 

Branch              : Al Mankhool Street

PO Box            : 999

Town                : Dubai

 

Telephone         : (971 4) 352 0455

Fax                   : (971 4) 352 6679

 

Subject also has an account with :

 

RAK Bank

Sultan Business Centre

PO Box 1531

Dubai

Telephone: (971 4) 224 8000

Fax      : (971 4) 337 0324

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover               : US DLRS  25,000,000 - 2008 – exact *

                                    : US DLRS  70,000,000 - 2009 – exact

                                    : US DLRS 100,000,000 – 2010 – exact **

                                    : US DLRS 110,000,000 – 2011 - projected

 

Net Profit                      : US DLRS   2,500,000 – 2009 – exact

                                    : US DLRS   3,500,000 – 2010 – exact

                                    : US DLRS   4,000,000 – 2011 – projected

 

* First 4 months in operation (September – December).

 

** A significant increase in sales turnover in 2010 was attributed to favorable market conditions and expansion of the business.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                 : 27 August 2008

 

History                          : The subject company was established in Dubai on 27 August 2008.

 

C.R. No.                       : 1034153

 

Trade License No.         : 615695 (expiry date: 26/08/2011)

 

DCCI Membership No.   : 150119

 

Authorised Capital         : Dh 300,000

 

Paid-Up Capital             : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

1. Rajkumar Sancheti                                                     25%

   (Indian national)

 

2. Rajiv Kanwarlal Jain                                        24%

   (Indian national)

 

3. Fardan Abdullah Fardan Al Fardan *               51%

   (UAE national / Date of Birth: 01/08/1960)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.                               

 

Fardan Abdullah Fardan Al Fardan subject's local sponsor has also interest in the following companies based in Dubai :

 

1.  Zaveri's LLC

    Dubai

    Est: 21/12/1998

    Trade License No. : 509471

 

2.  Al Nobala Diamonds LLC

    PO Box 51405

    Dubai

    Telephone : (966 4) 226 6900

    Fax       : (966 4) 226 6640

    Est: 03/01/1990

    Trade License No. : 128430

 

3.  Netlink Blue LLC

    P.O. Box 504909

    Dubai

    Telephone : (971 4) 423 0808

    Fax       : (971 4) 437 0100

    Email     : info@netlinkblue.com

    Est.      : 20/10/2003

    Trade License No. : 550077

 

4.  Diamonds Village LLC

    Gold Line Building, M5

    Dubai

    Telephone:  (971 5) 653 2697 (mobile)

    Fax      :  (971 4) 352 4522

    Est. : 2/04/2006

    Trade License No. : 579689

 

5.  Tasmi Jewels LLC

    Gold Centre, Deira, Dubai

    P.O.Box 45907

    Dubai

    Telephone : (966 4) 235 2510

    Fax       : (966 4) 235 2511

    Est: 25/02/2004

    Trade License No. : 553950

 

6.  Abida Jewellery LLC

    Gold Land Building, 3rd Floor, Suite 303

    Al Daghaya Street

    Near Gold Souk, Deira

    P.O. Box 34566

    Dubai

    Telephone:  (971 4) 235 0400

    Fax      :  (971 4) 235 0404

    E-Mail   :  jewelry@emirates.net.ae

    Est: 15/02/1999

    Trade License No. : 510284

 

7.  A M S Trading Co LLC

    P.O. Box 251589

    Dubai

    Telephone : (971 4) 335 5858

    Fax       : (971 4) 335 5121

    Est: 01/02/2009

    Trade License No. : 621723

 

8.  Al Aman Medical Center

    P.O Box 182323

    Dubai

    Telephone : (971 4) 228 8490

    Fax       : (971 4) 228 8491

    Est: 1/02/2005

    Trade License No. : 565408

 

9.  Sparkling Ambience Jewellery LLC

    The Dubai Mall, Downtown Burj Khalifa

    Dubai

    Telephone : (966 4) 362 7500

    Est: 22/01/2009

    Trade License No. : 621417

 

10. Al Mashreq Jewels LLC

    P.O.Box 27404

    Dubai

    Telephone : (971 4) 225 5199

    Fax       : (971 4) 226 7773

    Est: 18/01/1997

    Trade License No. : 244968

 

11. Unnati Jewels LLC

    Dubai

    Est. : 24/12/2009

    Trade License No. : 632849

 

12. Kaviko Diamonds LLC

    Mohammad Abdul Rahman Al Qutami, Shop No. 2

    Deira, Al Daghaya

    P.O. Box 182219

    Dubai

    Telephone:  (971 4) 225 5774 / (50) 625 0852 / (50) 625 3400

    Fax      :  (971 4) 225 5330

    E-Mail   :  kaviko@emirates.net.ae

    Est: 18/12/2004

    Trade License No. : 563942

 

13. Le Brilliant Jewellery LLC

    Dubai

    Est. : 15/12/2008

    Trade License No. : 620021

 

14. Spectrum Jewels LLC

    P.O. Box 500397

    Dubai

    Telephone : (971 4) 361 3540

    Fax       : (971 4) 391 5596

    E-mail    : info@spectrumme.com

    Est: 03/11/2009

    Trade License No. : 631049

 

15. Allure Jewels LLC

    P.O. Box 112421

    Dubai

    Telephone : (971 4) 225 5199

    Fax       : (971 4) 226 7773

    Est: 05/10/2004

    Trade License No. : 562057

 

16. Aarohi Diamonds LLC

    P.O. Box : 15847

    Dubai

    Telephone : (977 4) 399 2319

    Fax       : (977 4) 399 1140

    Est: 01/10/2007

    Trade License No. : 601301

 

17. Eternity Jewels LLC

    P.O. Box 7875

    Dubai

    Telephone : (971 4) 229 1172

    Fax    : (971 4) 229 1173

    Email     : info@eternitycollection.com

    Est: 01/10/2000

    Trade License No. : 521478

 

18. K.V.K Diamonds LLC

    P.O. Box 65154

    Dubai

    Telephone : (971 4) 225 5774

    Fax       : (971 4) 225 5774

    Est: 10/09/2003

    Trade License No. : 548865

 

19. Active Star General Trading LLC

    P.O. Box 124660

    Dubai

    Telephone : (971 4) 352 2926

    Email     : ascgt@eim.ae

    Est: 09/09/1998

    Trade License No. : 507649

 

20. Al Shaheed Trading Est.

    P.O. Box 14080

    Dubai

    Telephone : (971 4)226 0321

    Fax       : (971 4)225 7783

    Est: 05/09/1990

    Trade License No. : 223632

 

21. Rozari Jewelry LLC

    P.O.Box 39673

    Dubai                                  

    Telephone : (971 4) 235 1765            

    Fax       : (971 4) 235 1745

    Est: 04/09/2008

    Trade License No. : 615981

 

22. Diamond Sea Jewellery LLC

    P.O. Box 89959

    Dubai

    Telephone : (971 4) 652 6970 

    Est: 27/08/2005

    Trade License No. : 572705

 

23. Modern Diamond Jewellery LLC

    The Gold Center Building, 4th Floor, Suite 103

    Deira, Gold Souq

    P.O.Box No.: 33156

    Dubai

    Telephone  : (971 4) 225 0319

    Fax        : (971 4) 225 9498

    E-Mail     : mdj@emirates.net.ae

    Est: 21/08/1997

    Trade License No. : 500827

 

24. Dev Tools Trading LLC

    P.O.Box 127658

    Dubai

    Telephone : (971 4) 225 5675

    Fax       : (971 4) 225 5675

    Est: 18/08/2009

    Trade License No. : 628366

 

25. Racim Art Gallery

    Dubai

    Est: 12/08/2008

    Trade License No. : 615011

 

26. Bell Physical Audit & Machanical Testing

    P.O.Box:      14080

    Dubai

    Est: 7/08/2007

    Trade License No. : 599126

 

27. Annaka LLC

    P.O. Box 73617

    Dubai

    Telephone : (971 4) 398 5151

    Fax       : (971 4) 398 8339

    Est: 28/07/2008

    Trade License No. : 614361

 

28. Sagar Enterprise LLC

    P.O. Box 57858

    Dubai

    Telephone : (971 4) 225 7557

    Fax    : (971 4) 225 1558

    Est: 11/07/2005

    Trade License No. : 571257

 

29. D.T.C Pallid LLC

    P.O.BOX 2647

    Dubai

    Telephone : (971 4) 264 1111 "From 7:30am To 2:30pm"

    Fax       : (971 4) 208 0897

    E-mail            : dtc@dtc.gov.ae

    Est: 6/07/2009

    Trade License No. :626811

 

30. Zeus International LLC

    P.O. Box 261839

    Dubai

    Telephone : (971 4) 268 3606

    Fax       : (971 4) 268 3607

    Est: 28/06/2005

    Trade License No. : 570836

 

31. 9 Nine General Trading LLC

    P.O. Box 119058

    Dubai

    Telephone : (971 4) 359 9730

    Fax       : (971 4) 359 9740

    Est: 20/06/2007

    Trade License No. : 597029

 

32. Sovereign Gems LLC

    P.O. Box 184271

    Dubai

    Telephone : (971 4) 235 4285 / 235 4284

    Est: 17/06/2006

    Trade License No. : 582655

 

33. Sujal Diamonds LLC

    Dubai

    Est:9/06/2008

    Trade License No. : 612266

 

34. Nina Nikita Creations LLC

    Dubai

    Est. : 24/05/2007

    Trade License No. : 595870

 

35. Butani Jewellery LLC

    P.O. Box 5456         

    Dubai

    Telephone : (977 4) 222 9880

    Fax       : (977 4) 222 7758

    Est: 24/05/2003

    Trade License No. : 545331

 

36. Lovely Star Diamonds (LLC)

    Al Mariyeum Building, Office No. 102

    Al Daghaya Street

    Near Country Hotel, Gold Souk, Deira

    P.O. Box 58621

    Dubai

    Telephone:  (971 4) 235 6891 / Mobile (971 50) 499 2393

    Fax      :  (971 4) 235 6890

    Est: 19/10/2008

    Trade License No. : 617706

 

37. Al Manar Diamonds

    P.O. Box 118840

    Dubai

    Telephone : (971 4) 225 2241

    Fax       : (971 4) 225 5052

    Est: 16/04/2005

    Trade License No. : 568099

 

38. Sujan Jewellery LLC

    P.O. Box 116243

    Dubai

    Telephone : (971 4) 235 3300

    Fax       : (971 4) 235 3323

    Est: 28/03/2005

    Trade License No. : 567440

 

39. Kaarvi Gems LLC

    P.O. Box 65154

    Dubai

    Telephone: (971 4) 235 3054

    Fax      : (971 4) 235 3051

    Est: 26/03/2005

    Trade License No. : 567362

 

40. Stallion Property Brokers LLC

    P.O.Box 103945                               

    Telephone : (971 4) 424 3774

    Fax       : (971 4) 424 3770

    Est.      : 11/02/2008

    Trade License No. : 606609

 

41. Sheel Star LLC

    P.O.Box 181330

    Dubai                                  

    Telephone : (971 4) 235 1841            

    Fax       : (971 4) 235 1842

    Est: 26/01/2009

    Trade License No. : 621488

 

42. Azza Computers Assembling LLC

    P.O. Box 181151

    Dubai

    Telephone : (971 4) 273 4534 / 273 4532

    Est: 26/01/2009

    Trade License No. : 621486

 

43. Al Ameerat Diamond LLC

    P.O. Box 28288

    Dubai

    Telephone : (971 4) 295 5088

    Fax       : (971 4) 295 5022

    E-mail    : indy@zaveri.net

    Est: 05/01/1994

    Trade License No. : 233027

 

44. Bel Star Jewellery (L.L.C)

    Suite No. 132, 5th Fl., Zone IV, The Gold Centre

    Gold Souq

    P.O. Box 64717

    Dubai

    Telephone  : (971 4) 225 5155 / (971 50) 849 9435 (Accountant) /

    (971 50) 455 5952

    Fax        : (971 4) 225 5228

    E-Mail     : belstar@eim.ae

    Est: 11 May 2003

    Trade License No. : 544972

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and wholesalers of diamond and gold jewelries.

 

Imports from Hong Kong, USA, Belgium and India.

 

Exports to India, Belgium, USA and Hong Kong.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented office premises and storage facilities located at the heading address.

 

Until February 2010, subject was located at : 

 

Sheikh Mohammed Noor Saif Bldg, Office 303, 3rd Floor

Al Ras

Deira

Dubai 

 

 

SPECIAL NOTE

 

The address given by you: 2069 Royal Diamond Bldg. Opp. Gold Souk Bus Station is misspelt. Please note that the correct spelling is as per heading.

Interviewed: Rajkumar Sancheti (Managing Director).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.71.97

Euro

1

Rs.63.23

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.