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Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
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Name : |
SHINE NINE FZE |
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Registered Office : |
Ajman Free Zone, SM Office C1-1323D, PO Box : 115634, Ajman |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
23.12.2008 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the import and distribution of rough and
polished diamonds and jewellery. |
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No. of Employees : |
2 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 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. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. 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. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. 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 :
SHINE NINE FZE
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
23rd December 2008
Trade Licence Number :
4697
Issued Capital :
UAE Dh 250,000
Paid up Capital :
UAE Dh 250,000
Total Workforce :
2
Activities :
Distributors of rough and polished diamonds and jewellery
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Yogesh Mehta, Administration Manager
SHINE NINE FZE
Registered &
Physical Address
Location : Ajman Free
Zone, SM Office C1-1323D
PO Box : 115634
Town : Ajman
Country : United Arab
Emirates
Mobile : (971-50)
4589791 / (971-55) 9116976 / 6026114
Email : yogesh911@yahoo.com
Please note that subject’s previous address was, Ajman Free Zone, EOCE
2028, PO Box 119058, Ajman.
Premises
Subject operates from a small suite of offices that are rented and
located in the Ajman Free Zone.
Name Position
Vijay Kumar Voddar Managing
Director
Yogesh Mehta Administration
Manager
Date of Establishment : 23rd December 2008
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 4697
Issued Capital : UAE Dh 250,000
Paid up Capital : UAE Dh 250,000
Name of Shareholder
(s) Percentage
Vijay Kumar Voddar 100%
Activities: Engaged in the
import and distribution of rough and polished diamonds and jewellery.
Import Countries: Europe
and the Far East.
Subject has a workforce of 2 employees.
Companies registered in Ajman, 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.
HSBC Bank Middle East
Main Branch
Ajman
Tel: (971-6) 5537222
Fax: (971-6) 5537880
Emirates National Bank of Dubai
PO Box: 712
Ajman
Tel: (971-6) 7456555
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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 |
|
-- |
NB |
New Business |
-- |
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.