|
Report Date : |
27.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIROYA JEWELLERS
LLC |
|
|
|
|
Registered Office : |
The Gold Center,
1st Floor, Suite 27 Al Khor Street New Gold Souq, Zone No. 5,
Deira PO Box 16067 Dubai |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.11.1992 |
|
|
|
|
Com. Reg. No.: |
42492, |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
|
|
|
|
LINE OF BUSINESS : |
·
RETAILERS OF JEWELLERY, SPECIALISING IN 21K & 22K
JEWELLERY PIECES, AS WELL AS DEALING IN ROUGH, CUT AND POLISHED DIAMONDS,
PRECIOUS STONES LIKE EMERALDS AND RUBIES. ·
SUBJECT ALSO PROVIDES CUSTOM MADE JEWELLERY ITEMS AND
HANDMADE BANGLES. |
|
|
|
|
No. of Employees |
65 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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
|
Source
: CIA |
Company Name : SIROYA
JEWELLERS LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date : 6th
November 1992
Commercial
Registration Number : 42492,
Trade Licence
Number : 229396
Chamber Membership
Number : 25536
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 65
Activities :
Retailers of jewellery
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Chandra
Prakash Siroya, Managing Director
SIROYA JEWELLERS LLC
Building : The
Street :
Area : New Gold Souq, Zone No. 5,
Deira
PO Box : 16067
Town :
Country : United Arab Emirates
Telephone : (971-4) 2265678 / 2254254 / 2264447 /
2996936
Facsimile : (971-4) 2251840 / 2266387
Email : siroya@emirates.net.ae
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Hamil
Bin Khadim Al
Tel: (971-4) 2261313
Fax: (971-4) 2251840
·
Mirza
Hussain Al Fardan Building Rented
retail outlet
Bur
Tel: (971-4) 3511001
Fax: (971-4) 3511002
Name Nationality Position
·
Chandra
Prakash Siroya Indian Managing Director
·
Ashok
Siroya Indian Director
·
Sheikh Majud Hamad Al Qassimi Emirati Director
·
H R
Banfna - Finance
Manager
·
Rajesh
Jain - Commercial
Manager
·
Jayan
Thakkar - Sales
Manager
Date of Establishment : 6th
November 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42492,
Trade Licence No. : 229396
(Expires 30/10/2014)
Chamber Member No. : 25536
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Sheikh Majud Hamad Al Qassimi 51%
·
Chandra
Prakash Siroya 25%
·
Ashok
Siroya 24%
·
Happy
Umbrella FZC
Ras Al Khaimah
·
·
Kunal
Gold Industrial Factory Ltd
·
Al
Basti International
·
Hamriyah
Sharjah
·
Bullion
& Gems Trading FZC
Hamriyah
Sharjah
Activities: Retailers of jewellery, specialising in 21K
& 22K jewellery pieces, as well as dealing in rough, cut and
polished diamonds, precious stones like
emeralds and rubies.
Subject also provides custom
made jewellery items and handmade bangles.
Import
Countries:
International Suppliers:
·
Awesome
Export Ltd
·
Modern
Impex
·
Uni Gold
Pvt Ltd
Operating Trend: Steady
Subject has a
workforce of 65 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE Dh
520,000,000 UAE Dh
550,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Chandra Prakash Siroya, Managing Director
·
Standard
Chartered Bank
Mankhool Branch
PO Box: 999
Tel: (971-4) 2520455
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Tel: (971-4) 2221281
Fax: (971-4) 2284631
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Tel: (971-4) 2226291
Fax: (971-4) 2281312
No complaints
regarding subject’s payments have been reported.
Siroya Jewellers
LLC specialises in 21K & 22K jewellery pieces, as well as dealing in rough,
cut and polished diamonds, precious stones like emeralds and rubies.
The company is
owned by members of the Siroya family who have many years experience in the
jewellery industry and are respected businessmen in the local community.
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.
-
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,
-
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.63.64 |
|
|
1 |
Rs.98.98 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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.