MIRA INFORM REPORT

 

 

Report Date :

05.01.2012

 

IDENTIFICATION DETAILS

 

Name :

UMAN TRADERS DMCC

 

 

Registered Office :

Almas Tower, 9th Floor, Suite No. 9C, Jumeirah Lakes Towers PO Box 340560

Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

01.09.2010

 

 

Legal Form :

Limited Liability Company

 

 

LINE OF BUSINESS :

DISTRIBUTORS OF JEWELLERY, PRECIOUS METALS AND STONES.

 

 

No. of Employees :

1

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

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                                     : UMAN TRADERS DMCC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 1st September 2010

Trade Licence Number                            : 31468

DMCC Membership Number                    : 1195

Issued Capital                                        : UAE Dh 100,000

Paid up Capital                                      : UAE Dh 100,000

Total Workforce                                     : 1

Activities                                               : Distributors of jewellery, precious metals and stones.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

UMAN TRADERS DMCC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Almas Tower, 9th Floor, Suite No. 9C, Jumeirah Lakes Towers

 

PO Box             : 340560

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2996614 / 4393779

Facsimile          : (971-4) 2996615

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ashish Kothari                                                                                  Managing Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st September 2010

 

Legal Form                  : Limited Liability Company

 

Trade Licence No.       : 31468

 

DMCC Member No.      : 1195

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

 

Name of Shareholder (s)                                           Percentage

 

·       Ashish Kothari                                                                      100%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of jewellery, precious metals and stones.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 1 employee.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

     Acc No. 021-696042-100

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be 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.53.14

UK Pound

1

Rs.83.08

Euro

1

Rs.69.25

 

 

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