|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKY JEWELLERY LLC |
|
|
|
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Registered Office : |
Gold Centre, Suite
No. 321 Al Khor Street Al Ras Area, Deira 4005 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
12.09.1989 |
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|
|
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Com. Reg. No.: |
46634, Dubai |
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|
|
|
Legal Form : |
Limited Liability
Company - LLC |
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|
|
|
Line of Business : |
Distributors of
jewellery and precious stones. |
|
|
|
|
No. of Employees : |
45 |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 country 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. 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
SUMMARY
Company Name : SKY
JEWELLERY LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 12th
September 1989
Commercial
Registration Number : 46634,
Dubai
Trade Licence
Number : 220739
Chamber Membership
Number : 17057
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 45
Activities :
Distributors of jewellery and precious stones.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Reejesh Kumar, Financial Controller
SKY JEWELLERY LLC
Building : Gold Centre, Suite No. 321
Street : Al Khor Street
Area : Al Ras Area, Deira
PO Box : 4005
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253734 / 2250109 / 2352610
Facsimile : (971-4) 2254594 / 2352650
Email : info@skygroup.org / response@skyjewellery.com / reejesh@skygroup.org
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
Branch Offices
Location Description
·
Dubai
Mall Showroom
premises
Dubai
Tel: (971-4) 4343109
·
Dubai
Festival City Showroom
premises
Dubai
Tel: (971-4) 2328485
·
Gold
Souq Showroom
premises
Main Street
Dubai
Tel: (971-4) 2352955
·
Gold
Centre Showroom
premises
Dubai
Tel: (971-4) 2328485
·
Karama
Centre Showroom
premises
Dubai
Tel: (971-4) 3356970
·
Bur
Dubai Showroom
premises
Dubai
Tel: (971-4) 3599150
·
Al
Fahidi Street Showroom
premises
Dubai
Tel: (971-4) 3537264
·
Global
Village Showroom
premises
Dubai
Tel: (971-4) 4370342
·
Delma
Centre Showroom
premises
Hamdan Street
Abu Dhabi
Tel: (971-2) 6341141
·
Rolla
Square Showroom
premises
Sharjah
Tel: (971-6) 5623399
·
Khansaheb
Building Showroom
premises
Sharjah
Tel: (971-6) 5356272
Name Nationality Position
·
Babu
John G John Indian Managing Director
·
Akash
Jacob John Indian Director
·
Amith
Varghese John Indian Director
·
Jacob
Palothombathu John Indian Director
·
Darwish
Askar Ismail Mohamed Al Askar Emirati Director
·
Cyric Varghese - General
Manager
·
Harri Harran - Finance
Manager
·
Reejesh Kumar - Financial
Controller
·
Naleef Fardin - Commercial
Manager
Date of Establishment : 12th
September 1989
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 46634, Dubai
Trade Licence No. : 220739
Chamber Member No. : 17057
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Darwish
Askar Ismail Mohamed Al Askar 51%
·
Babu John
G John 25%
·
Akash
Jacob John 8%
·
Amith
Varghese John 8%
·
Jacob
Palothombathu John 8%
·
Sky Jewellery WLL
Doha
Qatar
Activities: Engaged in the import and distribution of jewellery,
diamonds and other precious stones.
Import
Countries: Europe and the
Far East.
Brand Names: CIAGA, ANGELINA, AGNESI, CARISTO, HERITAGE,
IQ and ISHWARIYA
Subject has a
workforce of 45 employees.
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
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.
-
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.
-
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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.42 |
|
|
1 |
Rs. 102.10 |
|
Euro |
1 |
Rs. 87.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.