MIRA INFORM REPORT

 

 

Report Date :

28.02.2011

 

IDENTIFICATION DETAILS

 

Name :

M SURESH CO DMCC

 

 

Registered Office :

Gold Land, Plot M-17, Mezzanine Floor, Al Ras Street, Deira, P O Box 103558,  Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

21.11.2005

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of gold, diamonds and jewellery

 

 

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

 

Status :

Satisfactory 

Payment Behaviour :

No Complaints

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : M SURESH CO DMCC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 21st November 2005

Trade Licence Number                            : 30339

Membership Number                              : 0532

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 5

Activities                                               : Import and distribution of gold, diamonds and jewellery

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Vavesh Thakkar, Financial Controller

 

 

COMPANY NAME

 

M SURESH CO DMCC

 

 

compaNY ADDRESS

 

Registered & Physical Address

Building             : Gold Land, Plot M-17, Mezzanine Floor

Street               : Al Ras Street

Area                 : Deira

PO Box             : 103558

Town                 : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 2266579

Facsimile          : (971-4) 2266580

Email                :mscdmcc@eim.ae

 

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

 

·       Manesh Pethani                               Indian                                     Managing Director

 

·       Nilesh Pethani                                     Indian                                     Director

 

·       Rajesh Shah                                            -                                        General Manager

 

·       Atip Pethani                                         Indian                                     Assistant General Manager

 

·       Vavesh Thakkar                                       -                                        Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st November 2005

 

Legal Form                  : Limited Liability Company

 

Trade Licence No.       : 30339 (Expires 20/11/2011)

 

Membership No.          : 0532

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                               Percentage

 

·       M Suresh Pvt Ltd                                                          100%

Mumbai

     India

     Tel: (91-22) 23639001

     Fax: (91-22) 23696492

 

 

AFFILIATED COMPANIES

 

·       Twinkle International DMCC

Al Mas Tower, 19th Floor, Office No. 4, Jumeirah Lakes Tower

PO Box: 340567

Dubai

Tel: (971-4) 4574217 / 4574216

Fax: (971-4) 4574216

CR No. 0110

 

·       Twinkle International FZE

PO Box: 54404

Dubai Airport Free Zone

Dubai

Tel: (971-4) 2996941

Fax: (971-4) 2996942

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of gold, diamonds and jewellery.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 33,600,000                   UAE Dh 38,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Vavesh Thakkar, Financial Controller

 

 

BANKERS

 

·       Emirates Bank International Ltd

Baniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 3160316

Fax: (971-4) 2264302

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 2005, subject is involved in the import and distribution of gold, diamonds and jewellery.

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or 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.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.