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Report No. : |
324249 |
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Report Date : |
30.05.2015 |
IDENTIFICATION DETAILS
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Name : |
DHAMANI JEWELS LLC |
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Registered Office : |
Al Mas Tower, 55th Floor, Jumeirah Lakes Towers, PO Box
39237, Dubai |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
01.10.1998 |
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|
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Com. Reg. No.: |
51788 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the wholesale and retail of jewellery, diamonds, precious stones,
pearls and watches. |
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No. of Employees : |
90 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
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. 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 and ultimately a $20
billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that
was refinanced in March 2014. 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 :
DHAMANI JEWELS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Start Date :
1969
Registration Date :
1st October 1998
Commercial Registration Number :
51788, Dubai
Trade Licence Number :
507949
Chamber Membership Number :
51340
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
90
Activities :
Wholesale and retail of jewellery, diamonds, precious stones, pearls
and watches
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Sayed Azad, Finance Manager
DHAMANI JEWELS LLC
Registered &
Physical Address
Location : Al Mas Tower,
55th Floor, Jumeirah Lakes Towers
PO Box : 39237
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4524400
Facsimile : (971-4)
4573061
Mobile : (971-50)
6448924
Email : dhamani@emirates.net.ae
/ info@dhamani.com
/ dhamani@eim.ae
/ accounts@dhamani.ae
Premises
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
The Gold Centre, No. 150, Zone 3, 6th Floor Rented
office premises
Deira
Dubai
Tel: (971-4) 2262558
Fax: (971-4) 2262557
M.M. Towers Rented
showroom premises
Al Maktoum Street
Deira
Dubai
Tel: (971-4) 2292607
Gold Land Building, No. 315, 3rd Floor Rented showroom
premises
Deira
Dubai
Tel: (971-4) 2291643
Fax: (971-4) 2266184
Al Shamal Building Rented
showroom premises
Dubai
Tel: (971-4) 2252396
Shop No. 540, First Floor, Mall Of the Emirates Rented showroom premises
Dubai
Tel: (971-4) 3413050
Shop No. 279D, 2nd Floor, New Burjuman Rented
showroom premises
Bur Dubai
Tel: (971-4) 3518293
A64, Festival Centre Rented
showroom premises
Dubai
Tel: (971-4) 2326246
Shop No. 6, Ground Floor, Gold & Diamond Park Rented showroom premises
Sheikh Zayed Road
Dubai
Tel: (971-4) 3405070
Shop No.47, Gold & Diamond Park, Building No. 4 Rented showroom
premises
Sheikh Zayed Road
Dubai
Tel: (971-4) 3418890
G 34, Ground Floor, The Gold Centre Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2251052
Mirdif City Centre, Central Galleria, Ground Floor, Shop 87 Rented showroom premises
Dubai
Tel: (971-4) 2840095
Fax: (971-4) 2840097
G 2 Gold Souk Main Street Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2255881
G1 Gold Souk Main Street Rented
showroom premises
Dubai
Tel: (971-4) 2291292
G8 Ground Floor Rented
showroom premises
The Gold Land Building
Deira
Dubai
Tel: (971-4) 2354771
G 35 Ground Floor Rented
showroom premises
The Gold Land Building
Deira
Dubai
Tel: (971-4) 2267746
Cosmos Lane, Meena Bazaar Rented
showroom premises
Bur Dubai
Dubai
Tel: (971-4) 3526691
Al Maydan Center Rented
showroom premises
Nasser Square
Deira
Dubai
Tel: (971-4) 2225630
Name Nationality Position
Amit Dhamani Indian Managing
Director
Nupur Dhamani Indian Director
Jassim Yousuf Jassim Al Hamadi Emirati Director
Manesh Dhamani Indian General
Manager
Sayed Azad - Finance
Manager
Naser Al Huda - Commercial
Manager
Date of Establishment : Subject’s operations
date back to 1969, however it was registered on 1st October 1998
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 51788, Dubai
Trade Licence No. : 507949
Chamber Member No. : 51340
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Jassim Yousuf Jassim Al Hamadi 51%
Amit Dhamani 39%
Nupur Dhamani 10%
Dhamani Jewels FZCO
Gold & Diamond Park
Dubai
Tel: (971-4) 3405070
Activities: Engaged in the wholesale and retail of jewellery, diamonds, precious
stones, pearls and watches.
Import Countries: Europe and the Far East.
International
Suppliers:
Kiran Gems India
Blue Star Diamonds India
Gem Corporation Hong Kong
Thamina Jewellery FZCO Dubai
Beyroha General Trading Dubai
Subject has a workforce of 90 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
No complaints regarding subject’s payments have been reported.
Established in 1969, subject is owned and managed by Mr Amit Dhamani and
Mr Nupur Dhamani who are Indian nationals operating in Dubai under the local
sponsorship of Mr Jassim Yousuf Jassim Al Hamadi.
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.
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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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.
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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.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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 |
|
|
-- |
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.