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Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
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Name : |
GLINTS GLOBAL GENERAL TRADING LLC |
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Registered Office : |
Century 21
Building, 3rd Floor, Office No. 306, Abi Baker Siddiqi Street,
Deira, P O Box 4107, Dubai |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.06.2003 |
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Com. Reg. No.: |
96913, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of jewellery, scrap metals and textiles |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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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) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : GLINTS GLOBAL GENERAL TRADING LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 3rd June 2003
Commercial Registration Number : 96913,
Trade Licence Number : 545551
Chamber Membership Number : 78136
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 25
Activities : Distributors of jewellery, scrap metals and textiles.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashok Jah, Marketing Manager
GLINTS GLOBAL
GENERAL TRADING LLC
Registered &
Physical Address
Building : Century 21 Building, 3rd
Floor, Office No. 306
Street :
Area : Deira
PO Box : 4107
Town :
Country :
Telephone : (971-4) 2397467
Facsimile : (971-4) 2397485
Email : info@glintsglobal.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Please note that
the following address was subject’s previous address:
Al
Suite No. 1105
Deira
Tel: (971-4)
2257575 / 2261940
Fax: (971-4)
2255393 / 2261942
Name Nationality Position
·
Manoj
Kumar Gerg Indian Managing Director
·
Obaid
Saeed Rashid Khalfan Al Shamsi Emirati Director
·
Ashok
Jah - Marketing
Manager
·
Sanjay
Vendari - Sales
Manager
·
Rohit
Natekar - Administration
Manager
·
Mahesh
Swami - Financial
Controller
Date of Establishment : 3rd
June 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 96913,
Trade Licence No. : 545551
(Expires 30/05/2013)
Chamber Member No. : 78136
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Obaid
Saeed Rashid Khalfan Al Shamsi 51%
·
Manoj
Kumar Gerg 49%
·
Glints
Global General Trading Pte Ltd
Centre
Tel: (63) 366687
Fax: (63) 366637
·
Ford
Asia International Ltd
Suites-820, 8th Floor, Star
House
Tel: (852) 23677704
Fax: (852) 23677705
·
Glints
Global HK Ltd
Suites-820, 8th Floor, Star
House
Tel: (852) 23677704
Fax: (852) 23677705
·
Glints
Global Middle
Hamriyah Free Zone
Sharjah
Activities: Engaged in the import and distribution of jewellery,
scrap metals and textiles.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 25 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales US$ 145,500,000 US$ 153,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ashok Jah, Marketing Manager
·
Habib
Bank AG
Bur
PO Box: 3306
Tel: (971-4) 2214535
No complaints
regarding subject’s payments have been reported.
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 –
-
From time immemorial,
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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.
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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
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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
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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.55.81 |
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|
1 |
Rs.86.53 |
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Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.