MIRA INFORM REPORT

 

 

Report Date :

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

DHAKAN JEWELLERS LLC

 

 

Registered Office :

Oasis Centre, Office No. 38, Ground Floor Al Ras Street Gold Souq, Deira P O Box 7384 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

15.05.1979

 

 

Com. Reg. No.:

44385, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Wholesale and retail of jewellery and precious stones

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : DHAKAN JEWELLERS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 15th May 1979

Commercial Registration Number                        : 44385, Dubai

Trade Licence Number                            : 202910

Chamber Membership Number                : 5638

Issued Capital                                        : UAE Dh 600,000

Paid up Capital                                      : UAE Dh 600,000

Total Workforce                                     : 18

Activities                                               : Wholesale and retail of jewellery and precious stones

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Yogesh Kumar Lakhubhai Dhakan, Director

 

COMPANY NAME

 

DHAKAN JEWELLERS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Oasis Centre, Office No. 38, Ground Floor

Street               : Al Ras Street

Area                 : Gold Souq, Deira

 

PO Box             : 7384

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2264910 / 2264409 / 2257959

Facsimile          : (971-4) 2266182

Mobile               : (971-50) 7494260 / 6532493 / 7592436

Email                : contactus@dhakanjewellers.ae / dhakan@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.

 

Branch Offices

 

Location                                                                                                            Description

 

·       Covered Roof Market                                                                         Office premises

Gold Souq

Deira

Dubai

Tel: (971-4) 2266714

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Dhakan Ratilal Odhavji                                                 Indian                          Managing Director

 

·       Vishal Ratilal Odhavji                                       Indian                          Director

 

·       Yogesh Kumar Lakhubhai Dhakan                                Indian                          Director

 

·       Gordhandas Odhavji                                                    Indian                          Director

 

·       Tariq Abdul Rahman Aqil Abdul Rahman                       Emirati                        Director

 

·       Hatish Dhakan                                                            Indian                          Commercial Manager

 

·       Manish Kumar                                                                -                             Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th May 1979

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 44385, Dubai

 

Trade Licence No.       : 202910 (Expires 04/04/2012)

 

Chamber Member No. : 5638

 

Issued Capital              : UAE Dh 600,000

 

Paid up Capital            : UAE Dh 600,000

 

Name of Shareholder (s)                                     Percentage

 

·       Tariq Abdul Rahman Aqil Abdul Rahman                          51%

 

·       Dhakan Ratilal Odhavji                                                                13%

 

·       Vishal Ratilal Odhavji                                                      12%

 

·       Yogesh Kumar Lakhubhai Dhakan                                   12%

 

·       Gordhandas Odhavji                                                       12%

 

 

AFFILIATED COMPANIES

 

·       Milan Jewellery LLC

Dubai

     United Arab Emirates

 

·       Hyatt Jewellers LLC

Dubai

United Arab Emirates

 

·       Mashoon Jewellers LLC

Dubai

United Arab Emirates

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of jewellery and precious stones.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 23,750,000                   UAE Dh 30,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Yogesh Kumar Lakhubhai Dhakan, Director

 

 

BANKERS

 

·       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.

Date of transaction                              January 2008

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Established in 1979, subject is involved in the import and distribution of jewellery and precious stones.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

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.