MIRA INFORM REPORT
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Report No. : |
316911 |
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Report Date : |
11.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SHAYONA GEMS LLC |
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Registered Office : |
Nasser Abdullah Bin Hussain Lootah Building, 2nd Floor, Office No. 5, Plot B-146 Al Ras Street Gold Souq, Deira 57651 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
15.03.2005 |
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Com. Reg. No.: |
72769, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Engaged in the
import and export of jewellery, precious stones and loose diamonds |
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No. of Employee : |
3 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab
Emirates |
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 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 |
SUMMARY
Company Name : SHAYONA
GEMS LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 15th
March 2005
Commercial
Registration Number : 72769,
Dubai
Trade Licence
Number : 566801
Chamber Membership
Number : 95513
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
3
Activities :
Import and export of jewellery and precious stones.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Eshwarbhai Tulishibhai
Kikani, Managing Director
COMPANY NAME
SHAYONA GEMS LLC
ADDRESS
Registered & Physical
Address
Building : Nasser Abdullah Bin
Hussain Lootah Building, 2nd Floor, Office No. 5, Plot B-146
Street : Al Ras Street
Area : Gold Souq, Deira
PO Box : 57651
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353286
Facsimile : (971-4) 2353287
Mobile : (971-50) 7357235
Email : shayonag@eim.net.ae / shayonag@yahoo.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Eshwarbhai
Tulishibhai Kikani Indian Managing
Director
·
Hamdan
Mohamed Essa Al Samt Emirati Director
LEGAL
FORM & OWNERS
Date of Establishment : 15th
March 2005
History : Subject was established in 2005 and was
registered between the following shareholders:
-
Eshwarbhai Tulishibhai Kikani
-
Devendra Kumar Karshenbhai Kikani
-
Hamdan Mohamed Essa Al Samt
However in December 2006 Mr Devendra Kumar
Karshenbhai Kikani left the company and it
was re-registered between the
existing shareholders.
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 72769, Dubai
Trade Licence No. : 566801
(Expires 14/03/2015)
Membership No. :
95513
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
·
Hamdan Mohamed
Essa Al Samt 51%
·
Eshwarbhai
Tulishibhai Kikani 49%
OPERATIONS
Activities: Engaged in the import and export of
jewellery, precious stones and loose diamonds.
Import
Countries: Europe and the
Far East
International Suppliers:
·
Jay
Dimon Belgium
·
Hansal
Diam India
Operating Trend: Steady
Subject has a
workforce of 3 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 55,000,000 UAE Dh 60,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mr Eshwarbhai Tulishibhai Kikani, Managing Director
BANKERS
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Tel: (971-4) 2226291
Fax: (971-4) 2281312
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.62.36 |
|
|
1 |
Rs.91.60 |
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Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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.