MIRA INFORM REPORT

 

 

Report Date :

02.04.2011

 

IDENTIFICATION DETAILS

 

Name :

SAJGYAN DIAM LLC 

 

 

Registered Office :

Near Gold Center, Old Gold Souk, Deira Area, 64852

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

24.12.2005

 

 

Legal Form :

Private company

 

 

Line of Business :

Trading as importers and wholesalers of diamond jewellery, watches 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 :

Small company

 

 

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 – 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

 

 Sajgyan Diam LLC 

 

 

Company ADDRESS

 

Building             : Al Shamal Building No. 9, Office No. 107

 

Area                             : Near Gold Center, Old Gold Souk, Deira Area

 

P.O. Box           : 64852

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971 4) 226 9404 / (971 50) 288 1680 (Anukul A. Kumar)

Fax                   : (971 4) 226 2206

E-Mail               : sajgyan_diam@yahoo.com 

 

Also Known As : Sajgyan Diamond LLC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                     Position

 

1. Ankul Ajeed Kumar                Managing Director

 

2. Kirteifer Jyantshand Minda      Deputy Managing Director

 

Total Employees : 3

 

 

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.

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME               : BANK OF BARODA

 

Branch              : 2nd Floor, Bank of Baroda Building, Near Abra Streetn

P.O. Box           : 3162

Town                 : Dubai

 

Telephone         : (971 4) 313 6600

Fax                   : (971 4) 353 6962   

 

 

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               : Dh  5,500,000 - 2006 - exact

                                    : Dh  7,500,000 - 2007 - exact

                                    : Dh 10,000,000 - 2008 – exact

                                    : Dh  4,500,000 – 2009 – exact *

                                    : Dh  5,800,000 – 2010 - exact

 

Net Profit                       : Dh    440,000 - 2006 - exact

                                    : Dh  1,200,000 - 2007 - exact

                                    : Dh  2,000,000 - 2008 – exact

                                    : Dh    500,000 – 2009 – exact *

                                    : Dh    600,000 – 2010 - exact

 

* Decrease in sales turnover and net profit in 2009 was due to the global economic downturn and unfavourable market conditions.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

           

Date Started : 24 December 2005

 

History : Subject was incorporated in Dubai on 24 December 2005 with the following shareholders: Nilesh M. Gandhi (25%), Ankul Ajeed Kumar (24%) and Hamda Fardan Abdullah Fardan Al Fardan (Mrs) (51%). On 14 June 2010, subject’s shareholding structure changed to the present.

 

C.R. No. : 77837

 

Trade License No : 576291 (expiry date: 23 December 2011)

 

DCCI Membership No : 103397

 

Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

                                                                                    Percentage

 

1. Kirteifer Jyantshand Minda                                          25%     

   (Indian national)

 

2. Ankul Ajeed Kumar                                                    24%

   (Indian national / Date of Birth: 03/04/1983)

 

3. Hamda Fardan Abdullah Fardan Al Fardan (Mrs) *         51%

   (UAE national / Date of Birth: 07/12/1984)

 

* The local sponsor, according to UAE laws must hold a minimum of 51%

  of the capital, however, in practice and unofficially the partner

  gets a fixed annual percentage of the profit and a sponsorship fee

  without any investment in the company.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and wholesalers of diamond jewellery, watches and precious stones.

 

NACE Code : 4777

 

Import from Far East (India mainly) and Belgium.

 

Export to GCC countries and Azerbaijan.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative office located at the heading address.

 

 

SPECIAL NOTE

 

Interviewed: Ankul Ajeed Kumar (Managing Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.73.88

Euro

1

Rs.65.83

 

 

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.