MIRA INFORM REPORT

 

 

Report Date :           

28.07.2011

 

IDENTIFICATION DETAILS

 

Name :

JAY DIMON LLC

 

 

Registered Office :

Metro Building, 2nd Floor, Office No. 207, Al Khor Street, Gold Souq, Deira, P O Box 57943, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

26.07.2006

 

 

Com. Reg. No.:

997743, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of jewellery and precious stones.

 

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 :

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)

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

 

 Bottom of Form

SUMMARY

 

Company Name                                     : JAY DIMON LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 26th July 2006

Commercial Registration Number            : 997743, Dubai

Trade Licence Number                            : 584107

Chamber Membership Number                : 109694

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 4

Activities                                               : Wholesale and retail of jewellery and precious stones.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Toshar Goyani, Managing Director

 

COMPANY NAME

 

JAY DIMON LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Metro Building, 2nd Floor, Office No. 207

Street               : Al Khor Street

Area                 : Gold Souq, Deira

PO Box             : 57943

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2350093 / 2350039

Facsimile          : (971-4) 2350094

Mobile               : (971-50) 2753424 / 8757636

Email                : jay_dimon@yahoo.com / jaydimon@eim.ae

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Toshar Goyani                                                 Indian                         Managing Director

 

·       Hitesh Devraj Bhai Munjani                                Indian                         Director

 

·       Hamdan Mohamed Essa Al Samt                     Emirati                        Director

 

·       Krunal Wagnani                                                   -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th July 2006

 

History                         : Subject was originally established in 2006 between the following shareholders:

 

                                      -  Hamdan Mohamed Essa Al Samt

                                      -  Dharakumar Hiralal Sonani

                                      -  Hitesh Devraj Bhai Munjani

 

                                      However in January 2010, Mr Dharakumar Hiralal Sonani withdrew from the business after selling his shares to a new shareholder, namely Toshar Goyani.

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 997743, Dubai

 

Trade Licence No.       : 584107

 

Chamber Member No. : 109694

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                              Percentage

 

·       Hamdan Mohamed Essa Al Samt                                    51%

 

·       Toshar Goyani                                                               25%

 

·       Hitesh Devraj Bhai Munjani                                              24%

 

 

OPERATIONS

 

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

 

Import Countries: Europe, South Africa 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 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 6,000,000                     UAE Dh 6,400,000

 

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

 

The above financial figures were confirmed by Mr Toshar Goyani, Managing Director

 

BANKERS

 

·       National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

·       Emirates Bank International Ltd

Baniyas Road

PO Box: 2923

Deira

Dubai

Tel: (971-4) 2256256 / 2256900

Fax: (971-4) 2268005 / 2267718

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.95

UK Pound

1

Rs.72.12

Euro

1

Rs.63.67

 

 

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.