|
Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAMRA JEWELLERY CO LLC |
|
|
|
|
Registered Office : |
Gold Centre, 1st
Floor, Apt 18, Al Khor Street, Al Ras, Deira, P O Box 3950 &
82684, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Year of Establishment : |
1950 |
|
|
|
|
Com. Reg. No.: |
40191, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Import, wholesale and retail of jewellery, precious stones and watches |
|
|
|
|
No. of Employees : |
06 employees |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 : SAMRA JEWELLERY CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1950
Registration Date : 11th October 1989
Commercial Registration Number : 40191, Dubai
Trade Licence Number : 220977
Chamber Membership Number : 17286
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Import, wholesale and retail of jewellery, precious stones and watches.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SAMRA JEWELLERY CO
LLC
Registered &
Physical Address
Building : Gold Centre, 1st
Floor, Apt 18
Street : Al Khor
Street
Area : Al Ras,
Deira
PO Box : 3950 & 82684
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253331 / 2261867
Facsimile : (971-4) 2253382 / 2291951 / 4473549
Email : samra@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Gold Souq Rented
showroom premises
Sharjah
Tel: (971-6) 5335560
·
Deira City Centre
Building Rented
showroom premises
Baniyas Road
Dubai
Tel: (971-4) 2262488
·
Emirates
Mall Rented
showroom premises
Dubai
Tel: (971-4) 3413535
·
Ibn Batouta Mall Rented
showroom premises
Dubai
Tel: (971-4) 3685660
·
City
Mall Rented
showroom premises
Dubai
Tel: (971-4) 2955100
·
City
Mall Rented
showroom premises
Sharjah
Tel: (971-6) 5335560
Name Nationality Position
·
Salim Deeb Abu Samra Syrian Managing
Director
·
Hassan Ahmed
Mohamed Deemas Emirati Director
·
Samer Salim Deeb Abu Samra Syrian General
Manager
·
Ziyad Khoory
- Sales
Manager
·
Sudish Kumar - Finance
Manager
·
Sudarashan Agrawal - Accounting
Manager
Date of Establishment : 1950, however
subject was registered on 11th October 1989.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40191, Dubai
Trade Licence No. : 220977 (Expires 04/10/2012)
Chamber Member No. : 17286
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Hassan Ahmed
Mohamed Deemas 51%
·
Salim Deeb Abu Samra 49%
·
Ariya Jewellery LLC
Dubai
Tel: (971-4) 2253897
·
Sedra Jewellery Co LLC
Dubai
Tel: (971-4) 2253331
Activities: Engaged in the import, wholesale and retail
of jewellery, precious stones and watches.
Import
Countries: Europe and the
Far East.
Brand Names: DESIREE
Subject has a
workforce of 6 employees.
Companies registered
in Dubai, United Arab Emirates are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
·
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
Established in
1950, subject is involved in the import and distribution of jewellery,
precious stones and watches.
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.
-
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.
-
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.
-
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.
-
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.55.19 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.