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Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
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Name : |
AL KHAYAL ALDHAHABI JEWELLERY LLC |
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Registered Office : |
Damas Building, N. M1, M2 & M3, Ground Floor Gold Souq, Deira PO
Box 51377 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.01.1983 |
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Com. Reg. No.: |
57537, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and retail of jewellery, precious stones and watches |
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No. of Employees : |
12 |
RATING & COMMENTS
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Qatar |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ECONOMIC OVERVIEW
Qatar has prospered in the last several years with continued
high real GDP growth. Throughout the financial crisis Qatari authorities sought
to protect the local banking sector with direct investments into domestic
banks. GDP had rebounded in 2010 largely due to the increase in oil prices, and
2011's growth was supported by Qatar's investment in expanding its gas sector.
GDP slowed to 6.3% in 2012 as Qatar''s gas sector expansion moved toward
completion. Economic policy is focused on developing Qatar''s nonassociated
natural gas reserves and increasing private and foreign investment in
non-energy sectors, but oil and gas still account for more than 50% of GDP,
roughly 85% of export earnings, and 70% of government revenues. Oil and gas
have made Qatar the world''s highest per-capita income country and the country
with the lowest unemployment. Proved oil reserves in excess of 25 billion
barrels should enable continued output at current levels for 57 years. Qatar''s
proved reserves of natural gas exceed 25 trillion cubic meters, more than 13%
of the world total and third largest in the world. Qatar''s successful 2022
world cup bid will likely accelerate large-scale infrastructure projects such
as Qatar''s metro system, light rail system, and the Qatar-Bahrain causeway.
The Hamad International Airport is projected to open by the end of 2013 with an
annual passenger capacity of 24 million
|
Source
: CIA |
Company Name : AL KHAYAL ALDHAHABI JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 15th January 1983
Commercial Registration Number : 57537, Dubai
Trade Licence Number : 203808
Chamber Membership Number : 10022
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 12
Activities : Wholesale and retail of jewellery, precious stones and watches
Financial Condition : Good
Payments : Nothing detrimental uncovered
Person Interviewed :
Rajesh Manekchand Kothari, Managing
Director
AL KHAYAL ALDHAHABI JEWELLERY LLC
Registered &
Physical Address
Building : Damas
Building, No. M1, M2 & M3, Ground Floor
Area : Gold Souq,
Deira
PO Box : 51377
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2354890 / 2261526
Facsimile : (971-4) 2354891 / 2255685
Mobile :
(971-50) 2248312 / 6444905
Email : mick700@emirates.net.ae / info@alkhayal.ae
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
· Rajesh Manekchand
Kothari Indian Managing
Director
· Yousuf Karam Ali
Mohamed Emirati Director
· Abishaikh Mehta - General
Manager
Date of
Establishment : 15th
January 1983
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 57537, Dubai
Trade Licence No. : 203808 (Expires 14/01/2013)
Chamber Member No. : 10022
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Yousuf Karam Ali
Mohamed 51%
· Rajesh Manekchand
Kothari 49%
· Yusuf Karam
Trading Est
Ibrahim Mohamed
Bin Dukhan Building
Al Khor Street
Al Ras
PO Box: 51377
Dubai
Tel: (971-4) 2263384
Fax: (971-4) 2255685
· Supama
International DMCC
Damas Building, 1st Floor, Office
No. M2
Gold Souq
PO Box: 46351
Dubai
Tel: (971-4) 2354890 / 3548282
Fax: (971-4) 2354891 / 3555146
Activities: Engaged in the wholesale and retail of jewellery, golden jewellery
items, diamond jewellery, loose
diamonds, pearls, precious stones and
watches.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 98,350,000 UAE Dh
105,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rajesh Manekchand Kothari, Managing Director
·
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4)
5531955
Fax: (971-4) 5536962
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 –
INDIA
-
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.
-
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.
-
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.74 |
|
UK Pound |
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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.