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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
THAMINA DIAMONDS
INTERNATIONAL DMCC |
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Registered Office : |
Almas Tower, Level
14, Office No. 14-A, Jumeirah Lakes Towers, Sheikh Zayed Road, 251962 Dubai |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.07.2005 |
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Legal Form : |
Limited Liability
Company |
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LINE OF BUSINESS : |
IMPORTERS AND TRADERS OF
DIAMONDS, JEWELLERY AND PRECIOUS STONES. |
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No. of Employees : |
3 |
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 |
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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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 : THAMINA DIAMONDS INTERNATIONAL DMCC
Country of Origin :
Legal Form :
Limited Liability Company
Registration Date : 1st
July 2005
Trade Licence
Number : 30228
Chamber Membership
Number : 0417
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce : 3
Activities :
Importers and traders of diamonds, jewellery and precious stones.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Viviek
Goradia, Sales Manager
THAMINA DIAMONDS
INTERNATIONAL DMCC
Location :
Street :
PO Box : 251962
Town :
Country :
Telephone : (971-4) 4390373
Facsimile : (971-4) 4390374
Email : thaminadiamonds@yahoo.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Anjal
Samir Bhansali Indian Managing Director
·
Divan
Jantilal Bhansali - General
Manager
·
Viviek
Goradia - Sales
Manager
Date of Establishment : 1st
July 2005
Legal Form :
Limited Liability Company
Trade Licence No. : 30228
(Expires 02/07/2015)
Chamber Member No. : 0417
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
Anjal
Samir Bhansali 100%
Activities: Engaged as importers and traders of
diamonds, jewellery and precious stones.
The company
procures conflict free rough from the African mines and also sells polished
diamonds in the
to its customer
base in
polished diamonds
for resale. The company caters to the need of wholesalers, retailers, end
consumers
and manufacturers
supplying its customers with both rough and polished diamonds
Thamina Diamonds is
famous for dealing in high valued individual diamonds specifically 10 Carat
plus D-IF
GIA certified
diamonds. The company distributes these large valuable diamonds to its
customers in the
Middle East and
Import
Countries:
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 68,650,000 UAE Dh 73,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Viviek Goradia, Sales Manager
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
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,
-
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
-
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
-
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.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.