MIRA INFORM REPORT

Report No. :	516365
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	SHAYONA GEMS LLC
Registered Office :	Property owned by Nasser Abdullah bin Hussein, Office No. 5, Deira, PO Box: 57651, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2017
Date of Incorporation :	15.03.2005
Com. Reg. No.:	566801
Legal Form :	Limited Liability Company
Line of Business :	Trading as importers and wholesalers of loose & polished diamonds as well as jewellery products.
No. of Employees :	3

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
United Arab Emirates	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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.

Source : CIA

BRIEF SUMMARY
COMPANY NAME	SHAYONA GEMS LLC
ADDRESS	Building	Street			Area			PO Box
	Nasser Lootah Bldg, Office No 5	Al Ras Street			Gold Souq, Deira			57651 Dubai
TEL/FAX	Verified Phones: (+971 4) 235 3286 / (+971 50) 735 7235 / Fax: (+971 4) 235 3287
EMAIL/WEBSITE	Email: shayonag@yahoo.com / Website: N/A
ACTIVITY	NACE 4648 - Wholesale of watches and jewellery;
PRINCIPAL	Ishwarbhai Kikani					Workforce
	Managing Director					3
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	15/03/2005		566801	LLC			Active
CAPITAL	CURRENCY			AMOUNT
	AED			300,000

IDENTIFICATION
CO. NAME	SHAYONA GEMS LLC
BUILDING	Nasser Lootah Bldg, Office No. 5
STREET	Al Ras Street
AREA	Gold Souq, Deira
POSTAL ADDRESS	57651 Dubai
CITY	Dubai
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 235 3286 / Mobile (+971 50) 735 7235
FAX	(+971 4) 235 3287
VERIFIED EMAIL	shayonag@yahoo.com
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	10:00-19:00	14:00-15:00
REGISTERED ADDRESS	Property owned by Nasser Abdullah bin Hussein Office No. 5, Deira PO Box: 57651 Dubai

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Ishwarbhai Kikani	Managing Director
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	3	06.2018

FINANCIAL SUMMARY
TURNOVER	31/12/2017	31/05/2018 (quarterly results, Jan-May)
	USD 11,000,000	USD 3,000,000
NET PROFIT / (LOSS)	Not given but stated to be 2-5% of the sales
FISCAL YEAR-END	31 December.

LEGAL STATUS
INCORPORATION	15/03/2005
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: 566801 (expiry date: 14/03/2019)	Dubai Department of Economic Development
OTHER REGISTRATION NO.	Registration No.: 72769 / Federal Reservation No.: 10824360
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	300,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	300,000	AED
BUSINESS HISTORY	The Company was incorporated in Dubai on 15 March 2005.
LEGAL FORM	Limited Liability Company
STATUS	Active
SHAREHOLDERS	NAME	PERCENTAGE
	1. Ishwarbhai Kikani Nationality: Indian 2. Hamdan Mohammed Essa * Nationality: Emirati * The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.	49.00% 51.00%

OPERATION
BANKERS	RAK Bank (National Bank Of Ras Al Khaimah) King Faisal Road PO Box 41010 Dubai Telephone: (+971 4) 574 6888 Fax : (+971 4) 574 6363
ACTIVITY CODE (NACE)	4648 - Wholesale of watches and jewellery;
LINE OF BUSINESS	Trading as importers and wholesalers of loose & polished diamonds as well as jewellery products.
IMPORT FROM	India, Hong Kong and Belgium.
EXPORT TO	India.
FACILITIES	Leased premises comprising administrative offices located at the heading address.

PAYMENT RECORDS

Slow but correct. We consider it is acceptable to deal with subject.

SPECIAL REMARKS
INTERVIEWED	Ishwarbhai Kikani (Managing Director).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35
UAE Dh	1	INR 18.57

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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