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Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
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Name : |
STARLIGHT DIAMONDS FZE |
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Registered Office : |
Ajman Free Zone, EOC No. 1406, Ajman |
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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 : |
06.06.2007 |
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Legal Form : |
Free Zone Establishment |
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LINE OF BUSINESS : |
SUBJECT IS ENGAGED IN THE IMPORT, DISTRIBUTION AND EXPORT OF
DIAMONDS, PEARLS AND OTHER PRECIOUS STONES. |
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No. of Employees : |
1 |
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 :
STARLIGHT DIAMONDS FZE
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
6th June 2007
Trade Licence Number :
3595
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
1
Activities :
Import, distribution and export of diamonds, pearls and other precious
stones
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Moti Lal Dungawat, Managing Director
STARLIGHT DIAMONDS FZE
Registered Address
Location : Ajman Free
Zone, EOC No. 1406
Town : Ajman
Country : United Arab
Emirates
Physical Address
Building : Al Halooshi Building, 6th Floor, Office No. 501
Street :
Al Ras Street
Area : Gold Souq,
Deira
PO Box : 3421
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2295923
Facsimile : (971-4)
2295924
Mobile : (971-50)
6406284
Email : starlightsdiamonds@hotmail.com
/ mdungawat@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.
Name Position
Moti Lal Dungawat Managing
Director
Date of Establishment : 6th June 2007
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 3595, Ajman Free Zone
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of
Shareholder (s) Percentage
Moti Lal Dungawat 100%
Supreme Trading FZE
Al Halooshi Building, 6th Floor, Office No. 501
Al Ras Street
Gold Souq
PO Box: 3421
Dubai
Tel: (971-4) 2295923
Fax: (971-4) 2295924
Activities: Engaged in the import,
distribution and export of diamonds, pearls and other precious stones.
Import Countries: India and the Far
East.
Clients:
New Order Export Pvt Ltd India
Export Countries: Hong Kong and India
Operating Trend: Steady
Subject has a workforce of 1 employee.
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 10,215,000 UAE Dh
12,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Moti Lal Dungawat, Managing
Director
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
HSBC Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
Acc No. 248-143499
No complaints regarding subject’s payments have been reported.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding 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.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
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.