MIRA INFORM REPORT

 

 

Report Date :           

05.05.2011

 

 

 

Tel. No.:

097144486494

 

IDENTIFICATION DETAILS

 

Name :

JEWEL TRADE DMCC

 

 

Registered Office :

 Al Mas Tower 33D, Jumeirah Lakes Towers, Sheikh Zayed Road, P O Box 57691, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.09.2004

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesale and retail of diamonds, precious stones and jewellery items

 

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 – 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

 

SUMMARY

 

Company Name                         : JEWEL TRADE DMCC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 27th September 2004

Trade Licence Number                            : 30089

Issued Capital                                        : UAE Dh 100,000

Paid up Capital                                      : UAE Dh 100,000

Total Workforce                                     : 8

Activities                                               : Wholesale and retail of diamonds, precious stones and jewellery items

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Nalesh Wagila, Finance Manager

 

 

 

 

COMPANY NAME

 

JEWEL TRADE DMCC

 

 

company ADDRESS

 

 

Registered & Physical Address

 

Building             : Al Mas Tower 33D, Jumeirah Lakes Towers

Street               : Sheikh Zayed Road

PO Box             : 57691

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 4486494

Facsimile          : (971-4) 4486492

Mobile               : (971-50) 4642125 / (971-55) 5124565

Email                : diamond@emirates.net.ae / jeweltrade@gmail.com / hasit@jewelstrade.diminco.com

 

Premises

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

 

Note     Subject moved to the above premises in January 2010 and was previously located at the following address:

 

502 Royal Diamond Building, Mezzanine Floor, Flat 127-128

Al Daghaya Street

Deira

Dubai

Tel: (971-4) 2295066 / 2996776 / 2959311

Fax: (971-4) 2295166 / 2996779 / 2954024

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Gold Centre Building, 5th Floor, Office No. 121                                    Rented showroom premises

Deira

     Dubai

     Tel: (971-4) 2266984

     Fax: (971-4) 2258295

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                 Position

 

·         Hasit Shah                                         Indian                                     Managing Director

 

·         Chandan Shah                                    Indian                                     Director

 

·         Nalesh Wagila                                        -                                        Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th September 2004

 

Legal Form                  : Limited Liability Company

 

Trade Licence No.       : 30089

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

 

Name of Shareholder (s)

 

·       Digico Holding Co Ltd

Hong Kong

 

·       Hasit Shah

 

·       Chandan Shah

 

 

AFFILIATED COMPANIES

 

·       Gitanjali Ventures DMCC

Al Mas Tower 33D, Jumeirah Lakes Towers

PO Box: 44331

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of diamonds, precious stones, gold and jewellery items.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 8 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 312,000,000                  UAE Dh 318,000,000

 

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

 

The above financial figures were confirmed by Nalesh Wagila, Finance Manager

 

 

BANKERS

 

·       Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2004, subject is involved in the wholesale and retail of diamonds and precious stones.

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.73.42

Euro

1

Rs.66.04

 

 

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.