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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
AL LIALI JEWELLERY CO LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
04.05.1999 |
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Com. Reg. No.: |
52727, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of jewellery items and diamonds, as well as watches and spare parts |
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No. of Employees : |
95 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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) |
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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 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : AL LIALI JEWELLERY CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Start Date : 4th May 1999
Registration Date : 15th July 2001
Commercial Registration Number : 52727,
Trade Licence Number : 525865
Chamber Membership Number : 64932
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 95
Activities : Wholesale and retail of jewellery items and diamonds, as well as
watches and spare parts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Chandra Dave, Finance Manager
AL LIALI JEWELLERY
CO LLC
Registered &
Physical Address
Building :
Street :
PO Box : 39282
Town :
Country :
Telephone : (971-4) 3688500
Facsimile : (971-4) 3688501
Email : allialy@emirates.net.ae / info@allialijewellery.com / chandradave@allialijewellery.com
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)
Subject operates 21 showrooms located throughout the country, including
the following:
Location Description
·
Jumaira Centre Rented
showroom premises
PO Box: 233
Tel: (971-4) 3420909 / 3445055
Fax: (971-4) 3420330
·
Gold Souq Rented
showroom premises
Deira
Tel: (971-4) 3595164
·
Spinneys Centre Rented
showroom premises
Al Souq
Al Kabir
PO Box: 39282
Tel: (971-4) 3478235
·
Jebel Ali Free Zone
Tel: (971-4) 8836684
·
Mall of
Emirates Rented
showroom premises
Tel: (971-4) 3414080
·
Mercato
Tel: (971-4) 3445055
·
Burjuman Rented
showroom premises
Tel: (971-4) 3510075
·
Ibn Battuta Mall
Tel: (971-4) 3685384
·
Shop
No. 95 Rented
showroom premises
Madinat Jumeirah
Tel: (971-4) 3686220
·
Jewellery Court Rented
showroom premises
Al Ain Mall
Al Ain
Tel: (971-3) 7519630
·
Tel: (971-4) 3689930
·
Jebel Ali Golf
Resort & Spa Rented
showroom premises
Tel: (971-4) 8836684
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Ras Al Khaimah
Tel: (971-7) 2260380
·
Tel: (973-17) 178160
Name Nationality Position
·
Anuraag Sinha Indian Managing
Director
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Riad Bakar Emirati Director
·
Oofrish Contrack - Marketing
Manager
·
Chandra Dave - Finance
Manager
·
Malvin Oly Vera - Financial
Controller
·
Rajeev Menon - Brand
Manager
Date of Establishment : Subject
started trading on 4th May 1999, however it registered on 15th
July 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 52727,
Trade Licence No. : 525865 (Expires 23/04/2013)
Chamber Member No. : 64932
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Riad Bakar 51%
·
Anuraag Sinha 49%
Activities: Engaged in the wholesale and retail of jewellery items and diamonds, as well as watches and spare
parts.
Import
Countries: Europe and
Brand Names: MEMORIES, AFFAIR,
PETITE, BRASEEL, SAKURA, LASSEL and ASMI
Operating Trend: Steady
Subject has a
workforce of 95 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
82,700,000 UAE Dh
88,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Chandra Dave, Finance Manager
·
Emirates
National Bank of
PO Box: 777
Tel:
(971-4) 2222241
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the company is considered to be a fair trade risk.
DIAMOND INDUSTRY –
INDIA
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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.
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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 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.
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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.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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.