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Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Shop No. 8, 9
& 10, Central Souq, King Faisal Street 5365, Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
22.02.1975 |
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Com. Reg. No.: |
1560 |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Subject is engaged in
the wholesale and retail of jewellery and diamonds. |
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No of Employees : |
23 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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 : J J & SONS JEWELLERS LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 22nd February 1975
Commercial Registration Number : 1560, Sharjah
Trade Licence Number : 14061
Chamber Membership Number : 1343
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 23
Activities : Wholesalers and retailers of jewellery and diamonds
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
J J & SONS
JEWELLERS LLC
Building : Shop No. 8, 9 &
10, Central Souq
Street : King Faisal Street
PO Box : 5365
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5726154
Facsimile : (971-6) 5726843
Email : jjsonsjew@eim.ae
Subject operates
from a medium sized suite of offices and a shop that are rented and located in the
Central Business Area of Sharjah.
Branch Office
(s)
Location Description
·
Ajman Office
premises
Tel: (971-6) 7420810
Name Nationality Position
·
Taroun
Kumar Jamndas Indian Managing
Director
·
Hassan Mohamed
Yousef Emirati Director
·
Vipol
Taroun Kumar Jamndas Indian General
Manager
·
Digesh
Taroun Kumar Jamndas Indian Commercial
Manager
Date of Establishment : 22nd
February 1975
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1560,
Sharjah
Trade Licence No. : 14061
Chamber Member No. : 1343
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Hassan
Mohamed Yousef 51%
·
Taroun
Kumar Jamndas 49%
Activities: Engaged in the wholesale and retail of
jewellery and diamonds.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 23 employees.
Companies registered
in Sharjah, 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.
·
National
Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.64 |
|
|
1 |
Rs. 99.20 |
|
Euro |
1 |
Rs. 82.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
|
|
Report Prepared
by : |
DPT |
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.