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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
V D GEMS DMCC |
|
|
|
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Registered Office : |
Unit No.
20-10-05, Floor No. 10, Building No. 2, Plot No. 550-554, J&G Dubai Multi
Commodities Center, P O Box: 242336, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
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|
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Date of Incorporation : |
01.09.2009 |
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|
|
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Com. Reg. No.: |
2199 |
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|
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Legal Form : |
Sole Proprietorship |
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|
|
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Line of Business : |
Subject operates
with a general trade licence however it specialises as traders of gems,
diamonds and Jewellery. |
|
|
|
|
No. of Employees : |
7 |
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 |
|
|
|
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
United
Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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 : V D GEMS
DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Sole
Proprietorship
Registration Date : 1st
September 2009
Commercial
Registration Number : 2199
Trade Licence
Number : 31277,
DMCC
Invested Capital :
UAE Dh 50,000
Total Workforce : 7
Activities :
Subject operates with a general trade licence however it specialises as
traders of gems, diamonds and jewellery
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Rahuls Chopra,
Commercial Manager
V D GEMS DMCC
Location : Unit No. 20-10-05, Floor No. 10,
Building No. 2, Plot No. 550-554, J&G
Dubai Multi Commodities Center
PO Box : 242336
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4456955
Facsimile : (971-4) 4456954
Mobile : (971-50) 6536957
Email : rahulschopra@gmail.com
Please note that
subject’s previous address was, Emirate Towers, Level No. 41, Sheikh Zayed
Road, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Vishal
Shah Indian Proprietor
& General Manager
·
Rahuls
Chopra - Commercial
Manager
·
S Sai - Accountant
Date of Establishment : 1st
September 2009
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 2199
Trade Licence No. : 31277
Invested Capital
: UAE Dh 50,000
Mr Vishal Shah is the
sole proprietor of the business.
·
Vijay
Diamonds FZE
J&G Building
Jumeirah Lakes Towers
PO Box: 54437
Dubai
Tel: (971-4) 4456955
Fax: (971-4) 4456954
Lic No. 257
Activities: Subject operates with a general trade
licence however it specialises as traders of gems, diamonds and jewellery.
Subject has a
workforce of 7 employees.
Companies
registered in Dubai, 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.
·
Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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 business
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.