MIRA INFORM REPORT
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Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DAGINAWALA JEWELLERY TRADING LLC |
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Formerly Known As : |
Burhan
Star General Trading (L.L.C) |
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Registered Office : |
Royal Diamond
Building, Shop No. 1, Gold Souq, Al Dhagaya, Deira , P.O. Box No.65329, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.09.2002 |
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Com. Reg. No.: |
60687 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Importers,
Wholesalers and Retailers of precious stones and jewellery made of diamonds, gold and silver |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
Daginawala Jewellery Trading LLC
company
ADDRESS
Building : Royal Diamond Building, Shop No. 1
Area : Gold Souq, Al Dhagaya, Deira
P.O.Box No. : 65329
Town : Dubai
Country : United Arab Emirates
Telephone : (971 4) 234 2752 / Mobile (971 50) 426
2185
Fax :
(971 4) 234 2172
E-Mail : daginwalas@gmail.com
Formerly known as : Burhan Star
General Trading (L.L.C) / Jaffar Maimoon General Trading (LLC)
SENIOR
COMPANY PERSONNEL
Name Position
1. Muneer Ameeruddine Daginawala Managing
Director
2. Jaffar Ussadik Shabbir Taher Ali Udaipurwala Director
Total Employees : 5
PAYMENTS
No complaints have been heard regarding payments from local suppliers or
banks.
We consider it is acceptable to deal with subject for SMALL amounts,
however in view of the lack of financial information we recommend international
suppliers exercise a degree of caution.
Trade risk assessment: Above Average
PRINCIPAL BANKERS
NAME
: RAK BANK
Branch
: Sultan Business Centre
P.O. Box : 1531
Town
: Dubai
Telephone : (971 4) 224 8000
Fax :
(971 4) 337 0342 / 337 0342
FINANCIAL INFORMATION
Private companies in United Arab Emirates are not required to publish or
disclose balance sheets. Balance sheets are not available from other sources,
and the subject interviewed declined to give any financial information, which
the company regards as strictly confidential.
LEGAL STATUS AND HISTORY
Date Started : 17 September 2002
History : The subject company was established
in Dubai on 17 September 2002 under the name “Jaffar Maimoon General Trading
(LLC)” with the following shareholders : Ali Ahmad Mansoor Ali (UAE national,
51%) and Jaffar Ussadik Shabbir Taher Ali Udaipurwala (49%).
On 30 August 2009, subject changed its name
to “Burhan Star General Trading (L.L.C)” with the following shareholders :
Abdul Rab Ali Hussein Mubarak (UAE national, 51%), Jaffar Ussadik Shabbir Taher
Ali Udaipurwala (Indian national, 25%) and Mufadhal Shabbir Odayborola (Indian
national, 24%).
On 12 December 2010, subject changed its
name to “Daginawala Jewellery Trading LLC”, its present style with the present
shareholding structure.
C.R. No. : 60687
Trade License No.: 537669
(expiry date: 16/09/2011)
DCCI Membership No.: 71772
Authorised Capital : Dh 300,000
Paid-Up Capital : Dh 300,000
Limited Liability Company with the following shareholders :
Percentage
1. Jaffar Ussadik Shabbir Taher
Ali Udaipurwala 25%
(Indian national)
2. Muneer Ameeruddine Daginawala 24%
(Indian national)
3. Abdul Rab Ali Hussein
Mubarak 51% *
(UAE national)
* 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.
Affiliated company of the subject
company :
Associate
Zen Jewellery FZCO
Jebel Ali Free Zone
Dubai
Tel: (971 4) 347 8493
Fax: (971 4) 347 8492
E-mail: maria750@hotmail.com
ACTIVITIES
The Company is involved in the following activities :
Trading as importers, wholesalers and retailers of precious stones and
jewellery made of diamonds, gold and silver.
Imports from India and Thailand.
Subject does not export, all sales are domestic.
FACILITIES
The Company has the following facilities :
Rented offices, a showroom and storage facilities located at the
heading.
SPECIAL NOTE
Interviewed: Muneer Ameeruddine Daginawala (Managing Director)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.46 |
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UK Pound |
1 |
Rs.71.53 |
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Euro |
1 |
Rs.64.63 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.