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Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREE LAXMI
JEWELLERY LLC |
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|
|
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Registered Office : |
Royal Diamond
Building, 2nd Floor, Suite 203, Umer Ibn Al Khattab Street, Gold Souq,
Deira, P O Box 171759, Dubai |
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|
|
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
05.04.2005 |
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Com. Reg. No.: |
73249, Dubai |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
WHOLESALER AND RETAILER OF GOLD,
JEWELLERY, LOOSE DIAMONDS AND PRECIOUS STONES. |
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No of Employees : |
06 |
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 |
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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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 : SHREE LAXMI JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 5th April 2005
Commercial Registration Number : 73249, Dubai
Trade Licence Number : 567756
Chamber Membership Number : 96147
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 6
Activities : Wholesale and retail of gold, jewellery, loose diamonds and precious
stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sanjay Kumar Vaghasiya, Commercial Manager
SHREE LAXMI
JEWELLERY LLC
Registered &
Physical Address
Building : Royal Diamond Building, 2nd
Floor, Suite 203
Street : Umer Ibn Al Khattab Street
Area : Gold Souq, Deira
PO Box : 171759
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4412090 / 2353117
Facsimile : (971-4) 4391780 / 2353118
Mobile : (971-50) 9368614
Email : dubai@laxmijewel.com
/ dubai@laxmijewellery.com / dubailaxmi@gmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business
Area of Dubai.
Branch Offices
Location Description
·
Al Mas
Tower Office
premises
Jumeirah Lakes Towers
Dubai
Name Nationality Position
·
Gajira
Rakish Girdalal Indian Managing
Director
·
Gajira
Jatin Kumar Girdalal Indian Director
·
Mohamed
Ali Rashed Sowalem Al Agtobe Emirati Director
·
Sanjay
Kumar Vaghasiya - Commercial
Manager
Date of Establishment : 5th
April 2005
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 73249, Dubai
Trade Licence No. : 567756
Chamber Member No. : 96147
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
·
Mohamed
Ali Rashed Sowalem Al Agtobe 51%
·
Gajira
Rakish Girdalal
]
] 49%
·
Gajira
Jatin Kumar Girdalal
]
·
Laxmi
Jewellery Export Pvt Ltd
Mumbai
India
·
Laxmi Jewels DMCC
Al Mas Tower
Jumeirah Lakes
Towers
Dubai
Reg No. 0320
Activities: Engaged in the wholesale and retail of
gold, jewellery, loose diamonds and precious stones.
Import
Countries: India, Asia and
Europe
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales UAE Dh 60,000,000 UAE Dh 63,250,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sanjay
Kumar Vaghasiya, Commercial
Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints
regarding subject’s payments have been reported.
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.60.16 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.82.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.