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MIRA INFORM REPORT
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Report No. : |
493118 |
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Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
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Name : |
D N DIAMONDS AND
JEWELLERY DMCC |
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Registered Office : |
Unit 15D, AG Silver
Tower, Sheikh Zayed Road, Jumeirah Lakes Towers, PO Box 172197, Dubai |
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Country : |
United Arab emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
18.06.2005 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject is Engaged in
the wholesale and retail of jewellery, gold and diamonds |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 of 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : D N
DIAMONDS AND JEWELLERY DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 18th
June 2005
Trade Licence
Number : 30215
Invested Capital : UAE Dh 100,000
Total Workforce :
6
Activities :
Wholesalers and retailers of jewellery, gold and diamonds
Financial Condition : Slow but Correct
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sharad Davji Bhai Kakadia, Proprietor
COMPANY
NAME
D N DIAMONDS AND
JEWELLERY DMCC
ADDRESS
Registered & Physical
Address
Building : Unit 15D, AG Silver Tower
Street : Sheikh Zayed Road
Area : Jumeirah Lakes Towers
PO Box : 172197
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2353477
Facsimile : (971-4) 2353488
Mobile : (971-50) 1414283
Email : dndj@emirates.net.ae / dndjdmcc@gmail.com
Please note that
subject’s previous address was, The Gold Center, Zone 4, 3rd Floor,
Suite No. 69, Gold Souq, Deira, Dubai. The PO Box number is 172197 and not
172179.
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
·
Sharad Davji
Bhai Kakadia Indian Proprietor
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Shukr
Cheru Kottayil - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 18th
June 2005
Legal Form :
Sole Proprietorship
Trade Licence No. : 30215
Invested Capital
: UAE Dh 100,000
Mr Sharad Davji Bhai Kakadia is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of jewellery,
gold and diamonds.
Import
Countries: Botswana and
Belgium
International
Suppliers:
·
Oka Wango Diamonds Botswana
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D N Gems BVBA Belgium
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL
DATA
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/15: Year Ending
31/12/16: Year Ending
31/12/17:
Total sales UAE Dh 356,000,000 UAE Dh 361,500,000 UAE Dh 425,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sharad Davji Bhai
Kakadia, Proprietor
BANKERS
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National
Bank of Ras Al Khaimah
PO Box: 1531
Dubai
Tel:
(971-4) 2226291
Fax: (971-4) 2281312
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ABN
Amro Bank
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
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Commercial
Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
PAYMENT
HISTORY
Slow but correct
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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 business is considered to be a fair trade
risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.05 |
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1 |
INR 90.41 |
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Euro |
1 |
INR 79.82 |
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UAE DH |
1 |
INR 17.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.