MIRA INFORM REPORT

 

 

Report Date :           

16.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SUNSHINE JEWELS DMCC  

 

 

Registered Office :

Almas Business Centre, Almas Tower, Level No. 2, Almas BC 76, Jumeirah Lake Towers, Plot No.-LT-2, P.O.Box No 31303, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

22.06.2008

 

 

Com. Reg. No.:

1202

 

 

Legal Form :

Single Shareholder Limited Liability Company

 

 

Line of Business :

Importers and exporters of gold jewellery studded with diamonds

 

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)

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

 

Sunshine Jewels DMCC 

 

 

company ADDRESS

 

Building             : Almas Business Centre, Almas Tower, Level No. 2, Almas BC 76

Area                 : Jumeirah Lake Towers, Plot No.-LT-2

P.O.Box No.      : 31303

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : Mobile (65) 9873 8751 (Ashish Kumar Bagla)

E-Mail               : ashish_kol67@yahoo.co.in

 

 

SENIOR COMPANY PERSONNEL

 

Name                                       Position

 

Ashish Kumar Bagla                  Managing Director

(Indian national)

 

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.

 

Trade risk assessment: Normal

 

 

PRINCIPAL BANKERS

 

NAME     : RBS BANK (FMLY ABN-AMRO BANK N.V)

Branch   : Main Branch

PO Box   : 2567

Town     : Dubai

Telephone: (971 4) 351 2200

Fax      : (971 4) 351 1555

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      : US DLRS 2,264,539 - 2009 – exact *

                        US DLRS 3,800,000 – 2010 - exact

 

Net profit          : US DLRS   109,929 - 2009 – exact *

                        US DLRS   130,000 – 2010 - exact

 

Value of Current Contracts : US DLRS 10,000,000 (as of September 2011)

 

* From 22 June 2008 (date of incorporation) to 31 December 2009.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 22 June 2008

 

C.R. No. : 1202

 

License No. : 31132 (expiry date: 25 January 2011)

 

Authorised Capital : Dh 200,000

 

Paid up Capital : Dh 200,000

 

Free Zone Establishment (single shareholder Limited Liability Company)with the following sole shareholder :

 

Ashish Kumar Bagla                     100%

(Indian national)

 

 

* Dubai Multi Commodities Centre (DMCC) is a free zone authority

offering 100% business ownership, a guaranteed 50 year tax holiday

and freehold property options. Entities licensed by DMCC (Free Zone

Establishment or Free Zone Companies / LLC) are not required to have

a local sponsor. Minimum capital requirement is Dh 200,000.

 

DMCC is a strategic initiative of the Dubai government created to

establish a commodity market place in Dubai. It provides industry

specific market infrastructure and a range of facilities for the gold

& precious metals, diamonds & coloured stones, energy and other

commodities industries.

 

Affiliated companies of the subject company :

Associates

 

Reliable Gems & Jewellery DMCC

Emirates Towers, Level 41

Sheikh Zayed Road

PO Box: 31303

Telephone  : (971 4) 313 2859

Fax        : (971 4) 313 2860

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and exporters of gold jewellery studded with diamonds.

 

NACE Code: 4648

 

Imports from India.

 

Exports to Hong Kong and Singapore.

 

Subject’s principal supplier :

 

Enfield Gems and Jewellery Limited

Moudule No.3 NE

Block – CN

Manikanchan Sez

Sector – V

Salt Lake

Kolkata 700001

India

 

Subject’s major clients are :

 

1. Nisha International Network Ltd

   RM 905 Fortune Commercial Building

   362 Sha Tsui Road

   Tsuen Wan

   Kowloon

   Hong Kong

 

2. Koel Globex Pte Ltd

   3 Shanton Way No.19-02

   Shenton House

   Singapore 068805

   Telephone: (65) 6226 6561

   Fax      : (65) 6224 8970

 

 

FACILITIES

 

The Company has the following facilities :

 

Virtual office premises located at the heading address and as well as a branch office located elsewhere in Singapore.

 

 

SPECIAL NOTE

 

Interviewed : Ashish Kumar Bagla (Managing Director).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.84

UK Pound

1

Rs.75.40

Euro

1

Rs.65.68

 

 

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.