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Report Date : |
23.08.2012 |
IDENTIFICATION DETAILS
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Name : |
STAR LIGHT JEWELLERY LLC |
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Registered Office : |
Zahrah Mohamed Hussain
Building, Flat No. 101 Al Khor Street Al Shamak, Gold Souk, Al Ras, Deira PO Box 43955 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.11.2001 |
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Com. Reg. No.: |
57904, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesalers and retailers of jewellery, pearls and precious stones, watches and spare parts. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : STAR LIGHT JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th November 2001
Commercial Registration Number : 57904, Dubai
Trade Licence Number : 530343
Chamber Membership Number : 65980
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Wholesalers and retailers of jewellery, pearls and precious stones, watches and spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Atul Lathiya, General Manager
STAR LIGHT JEWELLERY LLC
Building : Zahrah
Mohamed Hussain Building, Flat No. 101
Street : Al Khor Street
Area : Al Shamak, Gold Souk, Al Ras, Deira
PO Box : 43955
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2262252
Facsimile : (971-4)
2267662
Mobile : (971-50)
5595484
Email : hiten-p@emirates.net.ae
/ starlights@patdiam.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Panedya Hetendar Narmada Shanker Indian Managing
Director
· Essa Hassan Ali Al Dhawadi Emirati Director
· Atul Lathiya - General
Manager
Date of
Establishment : 18th
November 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 57904, Dubai
Trade Licence No. : 530343 (Expires 11/11/2012)
Chamber Member No. : 65980
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Essa Hassan Ali Al Dhawadi 51%
· Panedya Hetendar Narmada Shanker 49%
· Patdiam Jewellery Pvt Ltd
Mumbai
India
Activities: Engaged in the wholesale and retail of jewellery,
pearls and precious stones, watches and spare parts.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE
Dh 17,000,000 UAE
Dh 19,300,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Atul Lathiya, General Manager
·
Banque Paribas
Twin Towers, 14th
Floor
Baniyas Street
PO Box: 7233
Dubai
Tel: (971-4) 2525929
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
Fax: (971-4)
2233784
No complaints regarding subject’s payments have been reported.
Established in 2001, subject is owned and managed by Mr
Panedya Hetendar Narmada Shanker, an Indian
national who operates in Dubai under the local sponsorship of Mr Essa Hassan
Ali Al Dhawadi.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers
transaction costs, small, nimble and quick to react, information as a source of
advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today
may be more than Rs 60000 mil and is rated amongst
the fastest growing in the world. Indi ranks third in the world in domestic diamond
consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of losing
Rs 2000 crore lent to a
dozen diamond firms in Surat. Until about two months
ago, they had not repaid these dues. Bankers
believe many diamantaires borrowed money during the
economic downturn two years ago and diverted funds to businesses like real
estate and capital markets. Many of themselves made money from these businesses
but their diamond companies have gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.18 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.