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Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
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Name : |
SKY JEWELLERY LLC |
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Registered Office : |
Gold Centre, Suite
No. 321, Al Khor Street, Al Ras Area, Deira, P O Box 4005, Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 (Consolidated) |
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Date of Incorporation : |
12.09.1989 |
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Com. Reg. No.: |
46634, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
import and distribution of jewellery, diamonds and other precious stones. |
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No. of Employees |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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
|
Source
: CIA |
Company Name : SKY JEWELLERY LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 12th September 1989
Commercial Registration Number : 46634,
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 : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Reejesh Kumar, Financial Controller
SKY JEWELLERY LLC
Registered & Physical
Address
Building : Gold Centre, Suite No. 321
Street :
Area : Al Ras Area, Deira
PO Box : 4005
Town :
Country :
Telephone : (971-4) 2253734 / 2250109 / 2352610
Facsimile : (971-4) 2254594 / 2352650 / 2254599
Email : info@skygroup.org / response@skyjewellery.com / reejesh@skygroup.org
Premises
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
Tel: (971-4) 4343109
·
Tel: (971-4) 2328485
·
Gold
Souq Showroom
premises
Tel: (971-4) 2352955
·
Gold
Centre Showroom
premises
Tel: (971-4) 2328485
·
Karama
Centre Showroom
premises
Tel: (971-4) 3356970
·
Bur
Tel: (971-4) 3599150
·
Tel: (971-4) 3537264
·
Global
Village Showroom
premises
Tel: (971-4) 4370342
·
Delma
Centre Showroom
premises
Tel: (971-2) 6341141
·
Sharjah
Tel: (971-6) 5623399
·
Sharjah
Tel: (971-6) 5356272
Name Nationality Position
·
Babu
John G John Indian Managing Director
·
Akash
Jacob John Indian Director
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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,
Trade Licence No. : 220739
(Expires 04/09/2014)
Chamber Member No. : 17057
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
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
·
Sky
Jewellery LLC
Activities: Engaged in the import and distribution of
jewellery, diamonds and other precious stones.
Import
Countries: Europe and the
Brand Names: CIAGA, ANGELINA, AGNESI, CARISTO, HERITAGE,
IQ and ISHWARIYA
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/12: Year
Ending 31/12/13:
Consolidated Total
Revenue UAE Dh 1,050,000,000 UAE Dh 1,200,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Reejesh Kumar,
Financial Controller
·
Bank of
PO Box: 3162
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 –
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From time immemorial,
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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 –
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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.60.14 |
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|
1 |
Rs.103.00 |
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Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.