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Report No. : |
327642 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
JANVI DIAMONDS LLC |
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Registered Office : |
Royal Diamond
Building, 1st Floor, Office No. 108, Gold Souq, Deira, P O Box 57944, 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 : |
08.11.2006 |
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Com. Reg. No.: |
1001377, Dubai |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
IMPORT AND DISTRIBUTION OF
PRECIOUS STONES, SPECIALISING IN LOOSE DIAMONDS AND DIAMOND JEWELLERY AS WELL
AS RAW MATERIALS USED FOR JEWELLERY MAKING. |
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No of Employees : |
05 |
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 – 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 |
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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 |
Company Name : JANVI DIAMONDS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th November 2006
Commercial Registration Number : 1001377, Dubai
Trade Licence Number : 587737
Chamber Membership Number : 112473
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 5
Activities : Distributors of precious stones, specialising in loose diamonds and
diamond jewellery as well as raw materials used for jewellery making.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Chirag Kumar Ashok Bhai Kani , Sales Executive
JANVI DIAMONDS LLC
Registered &
Physical Address
Building : Royal Diamond Building, 1st
Floor, Office No. 108
Area : Gold Souq, Deira
PO Box : 57944
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354624
Facsimile : (971-4) 3452750 / 2354625
Mobile : (971-50) 2269258 / (971-55) 2012777
/ 9389965
Email : janvidiamonds@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Jiknish
Ramjibhai Pipalia Indian Managing
Director
·
Qais Ali Shahab Emirati Director
·
Mani Davish - Sales
Manager
·
Pavin
Divender Viyas - Sales
Executive
·
Chirag Kumar Ashok Bhai Kani - Sales Executive
Date of Establishment : 8th
November 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 1001377,
Dubai
Trade Licence No. : 587737
(Expires 07/11/2015)
Chamber Member No. : 112473
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Qais Ali Shahab 51%
·
Jiknish Ramjibhai
Pipalia 49%
Activities: Engaged in the import and distribution of
precious stones, specialising in loose diamonds and diamond jewellery as well
as raw materials used for jewellery making.
Import
Countries: Europe and India
International
Suppliers:
·
Deepak Diamonds India
·
Shital Manufacturing India
Operating Trend: Steady
Subject has a
workforce of 5 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$ 109,000,000 US$ 120,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Chirag Kumar Ashok
Bhai Kani, Sales Executive
·
Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
No complaints
regarding subject’s payments have been reported.
Janvi Diamonds LLC commenced operations in November 2006 and is engaged in the import and distribution of precious stones, specialising in loose diamonds and diamond jewellery as well as raw materials used for jewellery making.
According to local sources subject
is making steady progress in the local business market and nothing detrimental
has been reported regarding 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.64.15 |
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|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.