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Report Date : |
06.06.2013 |
IDENTIFICATION DETAILS
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Name : |
DHAMANI JEWELS LLC |
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Registered Office : |
Al Mas Tower, 55th
Floor, |
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Country : |
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Year of Establishments: |
1969 |
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Com. Reg. No.: |
51788, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of jewellery, diamonds, precious stones, pearls and watches |
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No. of Employees : |
85 |
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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 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 |
Company Name : DHAMANI JEWELS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1969
Registration Date : 1st October 1998
Commercial Registration Number : 51788, Dubai
Trade Licence Number : 507949
Chamber Membership Number : 51340
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 85
Activities : Wholesale and retail of jewellery, diamonds, precious stones, pearls
and watches
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Sayed Azad, Finance Manager
DHAMANI JEWELS LLC
Registered &
Physical Address
Location : Al Mas Tower, 55th
Floor, Jumeirah Lakes Towers
PO Box : 59237
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4524400
Facsimile : (971-4) 4573061
Email : dhamani@emirates.net.ae / info@dhamani.com
Premises
Subject operates
from a large sized suite of offices that are rented and located in the Central Business
Area of Dubai.
Branch Office
(s)
Location Description
·
The
Gold Centre, No. 150, Zone 3, 6th Floor Rented office premises
Deira
Dubai
Tel: (971-4) 2262558
Fax: (971-4) 2262557
·
M.M.
Towers Rented
showroom premises
Al Maktoum Street
Deira
Dubai
Tel: (971-4) 2292607
·
Deira
Dubai
Tel: (971-4) 2291643
Fax:
(971-4) 2266184
·
Al
Shamal Building Rented
showroom premises
Dubai
Tel: (971-4) 2252396
·
Shop No.
540, First Floor, Mall Of the Emirates Rented
showroom premises
Dubai
Tel: (971-4) 3413050
·
Shop
No. 279D, 2nd Floor, New Burjuman Rented
showroom premises
Bur Dubai
Tel: (971-4) 3518293
·
A64,
Festival Centre Rented
showroom premises
Dubai
Tel: (971-4) 2326246
·
Shop
No. 6, Ground Floor, Gold & Diamond Park Rented
showroom premises
Sheikh Zayed Road
Dubai
Tel: (971-4) 3405070
·
Shop
No.47, Gold & Diamond Park, Building No. 4 Rented
showroom premises
Sheikh Zayed Road
Dubai
Tel: (971-4) 3418890
·
G 34,
Ground Floor, The Gold Centre Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2251052
·
Mirdif
City Centre, Central Galleria, Ground Floor, Shop 87 Rented showroom premises
Dubai
Tel: (971-4) 2840095
Fax: (971-4) 2840097
·
G 2 Gold
Souk Main Street Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2255881
·
G1 Gold
Souk Main Street Rented
showroom premises
Dubai
Tel: (971-4) 2291292
·
G8
Ground Floor Rented
showroom premises
The Gold Land Building
Deira
Dubai
Tel: (971-4) 2354771
·
G 35
Ground Floor Rented
showroom premises
The Gold Land Building
Deira
Dubai
Tel: (971-4) 2267746
·
Cosmos
Lane, Meena Bazaar Rented
showroom premises
Bur Dubai
Dubai
Tel: (971-4) 3526691
·
Al
Maydan Center Rented
showroom premises
Nasser Square
Deira
Dubai
Tel: (971-4) 2225630
Name Nationality Position
·
Amit
Dhamani Indian Managing
Director
·
Nupur
Dhamani Indian Director
·
Jassim
Yousuf Jassim Al Hamadi Emirati Director
·
Manesh Dhamani Indian General
Manager
·
Sayed Azad - Finance
Manager
·
Naser Al Huda - Commercial
Manager
Date of Establishment : Subject’s
operations date back to 1969, however it was registered on 1st October
1998
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 51788, Dubai
Trade Licence No. : 507949
(Expires 25/09/2013)
Chamber Member No. : 51340
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Jassim
Yousuf Jassim Al Hamadi 51%
·
Amit
Dhamani 39%
·
Nupur
Dhamani 10%
·
Al
Mahaba Jewellery LLC
Essa Ibrahim Lootah Building
Al Ras Street
Al Ras, Deira
PO Box: 7419
Dubai
Tel: (971-4) 2291039
Fax: (971-4) 2290875
Email: piya@emirates.net.ae
·
Dhamani
Jewels FZCO
Gold & Diamond Park
Dubai
Tel: (971-4) 3405070
Activities: Engaged in the wholesale and retail of
jewellery, diamonds, precious stones, pearls and watches.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 85 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.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
·
The
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints
regarding subject’s payments have been reported.
Established in 1969,
subject is owned and managed by Mr Amit Dhamani and Mr Nupur Dhamani who are
Indian nationals operating in Dubai under the local sponsorship of Mr Jassim
Yousuf Jassim Al Hamadi.
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 – 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.
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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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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 –
-
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.
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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.56.42 |
|
UK Pound |
1 |
Rs.86.54 |
|
Euro |
1 |
Rs.73.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.