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Report No. : |
352672 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SBMH GROUP DMCC |
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Registered Office : |
24-D Almas Tower, Jumeirah Lakes Towers, Sheikh Zayed Road, 340523,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.05.2005 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN THE IMPORT AND DISTRIBUTION OF ROUGH DIAMONDS AND PRECIOUS
STONES. |
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No. of Employee : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : SBMH GROUP DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 1st May 2005
Commercial Registration Number : 0380
Trade Licence Number : 30178, DMCC
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 15
Activities : Distributors of rough diamonds and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Serge Neiger, Managing Director
SBMH GROUP DMCC
Location : 24-D Almas
Tower, Jumeirah Lakes Towers
Street : Sheikh Zayed
Road
PO Box : 340523
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4230666 / 2954344
Facsimile : (971-4) 4230667
Mobile : (971-50) 5530338
Email : serge@sbmh.net / kalyani@sbmh.net / info@smbh.net
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
· Serge Neiger Belgian Managing
Director
· Jokhale Kalyani - Finance
Manager
· Emmy Casapao - Administrative
Officer
Date of
Establishment : 1st
May 2005
Legal Form : Limited Liability
Company
Commercial Reg. No. : 0380
Trade Licence No. : 30178, DMCC
(Expires 30/04/2017)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
· SBMH Group 100%
Mauritius
Activities: Engaged in the import and distribution of rough
diamonds and precious stones.
Import Countries: Angola, South Africa, Canada, Russia, Australia,
Botswana and Brazil
Export Countries: India, China, Thailand, Israel and Belgium
Operating Trend: Steady
Subject has a workforce of 15 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE
Dh 136,065,000 UAE Dh
137,220,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
·
Antwerp Diamond Bank Asia Pacific Limited
Dubai
Acc No.
641200150125
No complaints regarding subject’s payments have been reported.
Please note that local correspondents spoke to Mr Serge Neiger, Managing
Director who refused to divulge any information on the subject.
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.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
|
DH |
1 |
Rs. 18.16 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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.