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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
BHAVYA JEWELS LLC |
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Registered Office : |
101 Mohamed Al Falasi Building, Gold Souk, P O Box: 3807, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.03.2006 |
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Com. Reg. No.: |
79080, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged
in the retail of jewellery items, gold, pearls and precious stones |
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No. of Employees : |
4 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : BHAVYA
JEWELS LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 1st
March 2006
Commercial Registration
Number : 79080, Dubai
Trade Licence
Number : 578416
Chamber Membership
Number : 105150
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Activities :
Retailers of jewellery items, gold, pearls and precious stones.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jigar Sunil Lakhani, Managing Director
BHAVYA JEWELS LLC
Building : 101 Mohamed Al Falasi Building
Area : Gold Souk
PO Box : 3807
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354212
Facsimile : (971-4) 2354213
Mobile : (971-50) 2039708 / (971-55) 2230176
Email : shahajay1@hotmail.com / bhavyajewels@hotmail.com
Please note that
subject’s previous address was, Haji Ghuloom Mohamed
Baker Building, 1st Floor, Office No. 1, Gold Souk, Deira,
Dubai.
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
·
Jigar Sunil Lakhani Indian Managing
Director
·
Khalid
Essa Hassan Saleh Emirati Director
·
Shashan
Modi - Sales
Manager
Date of Establishment : 1st
March 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 79080, Dubai
Trade Licence No. : 578416
(Expires 28/02/2015)
Chamber Member No. : 105150
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Khalid
Essa Hassan Saleh 51%
·
Jigar Sunil Lakhani 49%
Activities: Engaged in the retail of jewellery items,
gold, pearls and precious stones.
Import
Countries: Europe and India
International
Suppliers:
·
HVK Diamonds India
·
Lakshmi Diamonds India
·
Lipi Jewels India
Operating Trend: Steady
Subject has a
workforce of 4 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue UAE Dh 11,300,000 UAE Dh 15,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Jigar Sunil
Lakhani, Managing Director
·
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.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.28 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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-- |
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.