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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
SAJGYAN DIAM LLC |
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Registered Office : |
Mohamed Ibrahim
Obaidullah Building No. 9, Suite No. 107, Al Shamal, Gold Souq, Deira, P O Box
64852, Dubai |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.12.2005 |
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Com. Reg. No.: |
77837, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Retailers of jewellery, watches, precious stones and gift items |
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No. of Employees : |
03 employees |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
United Arab Emirates - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has
undergone a profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with
|
Source : CIA |
Company Name : SAJGYAN DIAM LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 24th December 2005
Commercial Registration Number : 77837,
Trade Licence Number : 576291
Chamber Membership Number : 103397
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 3
Activities : Retailers of jewellery, watches, precious stones and gift items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Enkol Ajid Kumar, Managing Director
SAJGYAN DIAM LLC
Registered &
Physical Address
Building : Mohamed Ibrahim Obaidullah Building No. 9, Suite No. 107
Area :
Al Shamal, Gold Souq, Deira
PO Box :
64852
Town :
Country :
Telephone : (971-4) 2262206 / 2269404
Facsimile : (971-4) 2262206
Email : sajgyan_diam@yahoo.com
Premises
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
·
Enkol Ajid Kumar Indian Managing Director
·
Hamda Fardan Abdullah Fardan Al Fardan Emirati Director
·
Deepak Jain - Sales
Manager
Date of Establishment : 24th
December 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 77837,
Trade Licence No. : 576291
(Expires 27/12/2012)
Chamber Member No. : 103397
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Hamda Fardan Abdullah Fardan Al Fardan 51%
·
Enkol Ajid Kumar 49%
Activities: Engaged in the retail of jewellery,
watches, pearls, precious stones and gift items.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 3 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 8,950,000 UAE Dh 10,400,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Enkol Ajid Kumar, Managing Director
·
Emirates
National Bank of
PO Box: 777
Tel: (971-4) 2222241
No complaints
regarding subject’s payments have been reported.
Established in
2005, subject is involved in the retail of jewellery, watches, precious stones,
and gift items.
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 –
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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.
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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
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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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
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|
1 |
Rs.87.79 |
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Euro |
1 |
Rs.70.43 |
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.