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Report Date : |
16.11.2012 |
IDENTIFICATION DETAILS
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Name : |
RIVOLI GROUP LLC |
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Registered Office : |
The H |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
01.01.1965 |
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Com. Reg. No.: |
45352 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of textiles, ready made garments, footwear, jewellery, spectacles, watches, tableware, leather products and writing instruments. |
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No. of Employees : |
2,000 (approximately) |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 UAE 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
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Source : CIA |
Company Name :
RIVOLI GROUP LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
1st January 1965
Commercial Registration Number :
45352,
Trade Licence Number :
203260
Chamber Membership Number :
694
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
2,000
Activities :
Wholesale and retail of textiles, ready made garments, footwear,
jewellery, spectacles, watches,
tableware, leather products and writing instruments
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
RIVOLI GROUP LLC
Registered &
Physical Address
Building : The H
Street :
PO Box : 121
Town :
Country :
Telephone : (971-4) 3765000
Facsimile : (971-4) 3545570
Email : rivolitx@emirates.net.ae / rivolitextile@rivoligroup.ae
Premises
Subject operates from a large suite of offices and a showroom that are owned
and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
Bur
Tel: (971-4) 3538225 / 3531400
Fax: (971-4) 3537876 / 3534992
Karama Area
Tel: (971-4) 3350025
Tel: (971-2) 6796919
Atlantis Rented
showroom premises
Tel: (971-4) 4220373
Bawadi Mall Rented
showroom premises
Al Ain
Tel: (971-3) 7840110
Burjuman Centre Rented
showroom premises
Tel: (971-4) 3515210
Tel: (971-4) 2328020
Palm Strip Mall Rented
showroom premises
Tel: (971-4) 3456424
The Dubai Mall Rented
showroom premises
Tel: (971-4) 4340476
Name Nationality Position
Abdulaziz Mohamed Saleh Al Zarouni Emirati Managing
Director
Adel Mohamed Saleh Al Zarouni Emirati Director
Ramesh Prabhakar - Chief
Executive Officer
Sunil Chadda - General
Manager
Parkash Tobpen - Commercial
Manager
M Nobel - Finance
Manager
Gigi Palos - Financial
Controller
Date of Establishment : 1st
January 1965
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 45352,
Trade Licence No. : 203260 (Expires 14/05/2013)
Chamber Member No. : 694
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Abdulaziz Mohamed Saleh Al Zarouni
Adel Mohamed Saleh Al Zarouni
East & West Corporation
PO Box: 121
Activities: Engaged in the wholesale and retail of textiles, ready made garments,
footwear, jewellery, spectacles,
watches, tableware, leather products and writing instruments.
Import Countries:
Brand Names: SWATCH,
TABLE ART, OMEGA,
CHOICE, GLITTER,
DIOR, BREQUET, EMPORIO ARMANI, FERRARI, COACH, GUCCI, JOHN GALLIANO,
HUGO
BOSS, KENZO, LACOSTE, MOSCHINO, RAY BAN, ROBERTO CAVALLI, OAKLEY,
POLICE,
PRADA, TAG HEUER, TISSOT, TIMBERLAND, VERSACE and ZENITH
Operating Trend: Steady
Subject has a workforce of approximately 2,000 employees.
Financial highlights provided by local sources are given below:
Currency:
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales UAE
Dh 33,600,000 UAE Dh
35,350,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Emirates National Bank of
PO Box: 777
Tel: (971-4) 2222241
No complaints regarding subject’s payments have been reported.
Established in 1965, subject is involved in the wholesale and retail of
textiles, ready made garments, footwear, jewellery, spectacles, watches,
tableware, leather products and writing instruments.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk.
DIAMOND INDUSTRY –
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From time
immemorial,
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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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The
diamond jewellery industry in
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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 –
DIAMOND SAGA – DIRTY DOZEN STUCK
WITH 2K CR DEBT
This could be the biggest
credibility crisis the Indian diamond industry has ever faced. Fifteen banks
run the risk of losing Rs 2000 crore lent to a dozen diamond firms in
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Most of
the money borrowed from the banks in the name of their diamond business has
been diverted in real estate and the share market. The banks are not in a
position to seize their properties because in many cases, these were purchased
in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.96 |
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1 |
Rs.87.10 |
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Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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.