|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOWING STAR DIAMONDS LLC |
|
|
|
|
Registered Office : |
106 Gold Land Gold Souq, Deira PO Box 123354 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.12.2007 |
|
|
|
|
Com. Reg. No.: |
1019968, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
importer and distributor
of diamonds, jewellery, pearls and precious stones. |
|
|
|
|
No. of Employees : |
03 |
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 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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 : GLOWING STAR DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 4th December 2007
Commercial Registration Number : 1019968, Dubai
Trade Licence Number : 603641
Chamber Membership Number : 126660
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 3
Activities : Distributors of diamonds, jewellery, pearls and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Arpit Shah, Finance Manager
GLOWING STAR DIAMONDS LLC
Registered &
Physical Address
Location : 106 Gold Land
Area : Gold Souq,
Deira
PO Box : 123354
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2295683
/ 2354119
Facsimile : (971-4)
2295684
Mobile : (971-55)
2011125
Email : gsdiamonds@hotmail.com
Please note that
subject’s previous address was, Royal Diamond Building, Suite M-4, Gold Souq,
Al Daghaya, Deira, Dubai.
Premises
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
· Krunal Shah Indian Managing
Director
· Hamad Hussain Ali
Al Salman Emirati Director
· Arpit Shah - Finance
Manager
Date of
Establishment : 4th
December 2007
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1019968, Dubai
Trade Licence No. : 603641 (Expires 03/12/2013)
Chamber Member No. : 126660
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
· Hamad Hussain Ali
Al Salman 51%
· Krunal Shah 49%
Activities: Engaged in the import and distribution of diamonds, jewellery, pearls and
precious stones.
Import Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 55,000,000 UAE Dh
57,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Arpit Shah, Finance Manager
·
National Bank of Umm Al Quwain
Khaled Bin Waleed
Street
PO Box: 9175
Dubai
Tel: (971-4)
3148831
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 – 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.
-
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, 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.
-
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.61.19 |
|
UK Pound |
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
GLOWING STAR DIAMONDS LLC |
|
|
|
|
Registered Office : |
106 Gold Land Gold Souq, Deira PO Box 123354 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.12.2007 |
|
|
|
|
Com. Reg. No.: |
1019968, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
importer and distributor
of diamonds, jewellery, pearls and precious stones. |
|
|
|
|
No. of Employees : |
03 |
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 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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 : GLOWING STAR DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 4th December 2007
Commercial Registration Number : 1019968, Dubai
Trade Licence Number : 603641
Chamber Membership Number : 126660
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 3
Activities : Distributors of diamonds, jewellery, pearls and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Arpit Shah, Finance Manager
GLOWING STAR DIAMONDS LLC
Registered &
Physical Address
Location : 106 Gold Land
Area : Gold Souq, Deira
PO Box : 123354
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2295683
/ 2354119
Facsimile : (971-4)
2295684
Mobile : (971-55)
2011125
Email : gsdiamonds@hotmail.com
Please note that
subject’s previous address was, Royal Diamond Building, Suite M-4, Gold Souq,
Al Daghaya, Deira, Dubai.
Premises
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
· Krunal Shah Indian Managing
Director
· Hamad Hussain Ali
Al Salman Emirati Director
· Arpit Shah - Finance
Manager
Date of
Establishment : 4th
December 2007
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 1019968, Dubai
Trade Licence No. : 603641 (Expires 03/12/2013)
Chamber Member No. : 126660
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
· Hamad Hussain Ali
Al Salman 51%
· Krunal Shah 49%
Activities: Engaged in the import and distribution of diamonds, jewellery, pearls
and precious stones.
Import Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 55,000,000 UAE Dh
57,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Arpit Shah, Finance Manager
·
National Bank of Umm Al Quwain
Khaled Bin Waleed
Street
PO Box: 9175
Dubai
Tel: (971-4)
3148831
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 – 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.
-
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, 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.
-
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.61.19 |
|
UK Pound |
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.