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Report No. : |
306156 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
BELSTAR JEWELLERY LLC |
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Registered Office : |
Gold Centre, 5th Floor, Suite No. 132, Zone 4, Al Khor
Street, Gold Souq, Al Ras, Deira, PO
Box: 64717 Dubai |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
12.05.2003 |
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Com. Reg. No.: |
62640, |
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Legal Form : |
Limited Liability Company – LLC |
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LINE OF BUSINESS : |
WHOLESALERS
AND RETAILERS OF JEWELLERY, WATCHES, PRECIOUS STONES AND GIFT ITEMS. |
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No. of Employees |
12 |
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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
Company Name :
BELSTAR JEWELLERY LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
12th May 2003
Commercial Registration Number :
62640, Dubai
Trade Licence Number :
544972
Chamber Membership Number :
77646
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
12
Activities :
Wholesalers and retailers of jewellery, watches, precious stones and gift
items.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rajesh Devadiga, Financial Controller
BELSTAR JEWELLERY LLC
Registered &
Physical Address
Building : Gold Centre,
5th Floor, Suite No. 132, Zone 4
Street : Al Khor
Street
Area : Gold Souq,
Al Ras, Deira
PO Box : 64717
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2255155
/ 2268229
Facsimile : (971-4)
2255228
Mobile : (971-50)
4555952 / 4562717
Email : belstar@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
Manoj Chabildas Shah Indian Managing
Director
Fardan Abdullah Fardan Al Fardan Emirati Director
Rajesh Devadiga - Financial
Controller
Sanjay Sharma - Commercial
Manager
Date of Establishment : 12th
May 2003
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 62640, Dubai
Trade Licence No. : 544972
Chamber Member No. : 77646
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Fardan Abdullah Fardan Al Fardan 51%
Manoj Chabildas Shah 49%
Activities: Engaged in the wholesale and retail of jewellery, loose diamonds,
precious stones, watches and gift items.
Import Countries: Belgium, India, Ghana, Congo, Sierra Leone,
Bangkok and Hong Kong
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales US$
460,565,892 US$
464,904,566
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rajesh Devadiga, Financial
Controller
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
Regular
Date of transaction July
2008
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in 2003, subject is involved in the import and retail of
jewellery, loose diamonds, precious stones, watches and gift items.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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 |
-- |
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.