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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HINI STAR DIAMONDS LLC |
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Registered Office : |
Gold Land Building, Mezzanine Floor, Suite M-20 Al Khor Street Al
Daghaya, Deira PO Box 57954 & 54357 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.02.2003 |
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Com. Reg. No.: |
61649, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail of jewellery, loose diamonds, gold and precious stones |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UAE - 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 Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
Company Name : HINI STAR DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 5th February 2003
Commercial Registration Number : 61649, Dubai
Trade Licence Number : 541741
Chamber Membership Number : 75187
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Wholesale and retail of jewellery, loose diamonds, gold and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kukadia Vijay Kumar Dahyalal, Managing Director
HINI STAR DIAMONDS LLC
Building : Gold Land
Building, Mezzanine Floor, Suite M-20
Street : Al Khor
Street
Area : Al Daghaya,
Deira
PO Box : 57954 &
54357
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2295492
Facsimile : (971-4)
2295493
Mobile : (971-50)
5523120
Email : vijay58@emirates.net.ae
/ hinidubai@karpgroup.com
Please note that subject’s previous address was, Gold Land Building,
Mezzanine Floor, Suite M-6, Al Khor Street, Al Daghaya, Deira, Dubai.
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
· Kukadia Vijay
Kumar Dahyalal Indian Managing
Director
· Mohamed Ali Rashed
Sowalem Al Agtobe Emirati Director
· Khatri Hiren - Sales
Manager
Date of
Establishment : 5th
February 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 61649, Dubai
Trade Licence No. : 541741
Chamber Member No. : 75187
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Mohamed Ali Rashed
Sowalem Al Agtobe 51%
· Kukadia Vijay
Kumar Dahyalal 48%
· Karp Impex HK
Limited 1%
Hong Kong
· KARP Impex Ltd
Mumbai
India
· KARP Diamonds Pvt
Ltd
Jasdan
India
· KARP Jewellery Pvt
Ltd
Surat
India
· KARP Suisse
Geneva
Switzerland
· KARP Impex NV
Belgium
· KARP Jewellery Mfg
HK Ltd
Hong Kong
· Hini Star Ltd
Hong Kong
· KARP Jewellery Mfg
China Ltd
China
· Hini Star
(Bangkok) Ltd
Bangkok
Thailand
· Hini Star (Taiwan)
Ltd
Taiwan
Activities: Engaged in the wholesale and retail of jewellery, loose diamonds, gold
and precious stones as well as
crystal products and giftware.
Import Countries: India, Singapore, Hong Kong, South Africa and
Europe.
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 30,000,000 UAE Dh
31,400,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Kukadia Vijay Kumar Dahyalal,
Managing Director
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<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.