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Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
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Name : |
THANGAM JEWELS
LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.05.2002 |
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Com. Reg. No.: |
59358, |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the
wholesale and retail of jewellery, pearls, diamonds and precious stones. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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 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
|
Source : CIA |
Company Name : THANGAM JEWELS LLC
Country of Origin :
Legal Form : Limited
Liability Company - LLC
Registration Date : 19th
May 2002
Commercial
Registration Number : 59358,
Trade Licence
Number : 534230
Chamber Membership
Number : 69047
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 8
Activities :
Wholesale and retail of jewellery, pearls, diamonds and precious stones
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Gunesh Nair,
Sales Manager
THANGAM JEWELS LLC
Building :
Street :
Area : Al Daghaya
PO Box : 64528 & 21112
Town :
Country :
Telephone : (971-4) 2258019 / 2723232 / 2353666
Facsimile : (971-4) 2260495
Email : thangamj@emirates.net.ae
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
·
Douraj Venkita Chalalthy Indian Managing
Director
·
Sarasouti
Bati Venkita Chalalthy
Indian Director
·
Ibrahim
Mohamed Ghuloom Al Sayegh Emirati Director
·
Gunesh
Nair - Sales
Manager
·
C B
Sregith - Financial
Controller
Date of Establishment : 19th
May 2002
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 59358,
Trade Licence No. : 534230
(Expires 17/05/2014)
Chamber Member No. : 69047
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Ibrahim
Mohamed Ghuloom Al Sayegh 51%
·
Douraj Venkita Chalalthy 25%
·
Sarasouti
Bati Venkita Chalalthy 24%
·
Thangam
Jewels DMCC
Activities: Engaged in the wholesale and retail of
jewellery, pearls, diamonds and precious stones.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 8 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE Dh 17,350,000 UAE Dh 19,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Gunesh Nair, 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.
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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,
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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.61.92 |
|
|
1 |
Rs.99.59 |
|
Euro |
1 |
Rs.83.63 |
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.