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Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
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Name : |
TRI COLOR GEMS FZE |
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Registered Office : |
Hamriyah Free Zone Phase 1, E-Lob Office No. E-86G-32, PO Box : 51425, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.06.2010 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Subject is engaged in the import and export of jewellery, rough and
polished diamonds. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – 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 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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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 : TRI COLOR GEMS FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
7th June 2010
Trade Licence Number :
6545
Issued Capital :
UAE Dh 350,000
Paid up Capital :
UAE Dh 350,000
Total Workforce :
5
Activities :
Import and export of jewellery, rough and polished diamonds.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ginesh Kiran Kumar Shah, Managing Director
TRI COLOR GEMS FZE
Registered &
Physical Address
Location : Hamriyah Free
Zone Phase 1, E-Lob Office No. E-86G-32
PO Box : 51425
Town : Sharjah
Country : United Arab
Emirates
Mobile : (971-50)
6352240
Email : admin@tricolorgem.com
/ tri.colour.gem@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Hamriyah Free Zone Area of Sharjah.
Branch Offices
Location Description
4WA-115, Dubai Airport Free Zone Office
premises
PO Box: 293737
Dubai
Tel: (971-4) 23143107
Fax: (971-4) 2314109
Name Nationality Position
Ginesh Kiran Kumar Shah Indian Managing
Director
Date of Establishment : 7th June 2010
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 6545
Issued Capital : UAE Dh 350,000
Paid up Capital : UAE Dh 350,000
Name of
Shareholder (s) Percentage
Pushpin Trading Ltd 100%
British Virgin Islands
Pushpin Trading Ltd is 100% owned by Mr Ginesh Kiran Kumar Shah
Activities: Engaged in the
import and export of jewellery, rough and polished diamonds.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales US$
435,410,000 US$ 438,972,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Ginesh Kiran Kumar Shah, Managing
Director
National Bank of Sharjah
Al Boorj Avenue
PO Box: 4
Sharjah
Tel: (971-6) 5547747
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
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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 |
|
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 |
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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 |
|
<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.