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Report No. : |
355370 |
|
Report Date : |
18.12.2015 |
IDENTIFICATION DETAILS
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Name : |
RISING STAR DMCC |
|
|
|
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Registered Office : |
Royal Diamond Building, 5th
Floor, Suite No. 502, Gold Souq, 120394,
Dubai |
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|
|
|
Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2014 |
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|
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Date of Incorporation : |
10.02.2005 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Traders of jewellery, diamonds and other precious stones. |
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|
|
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No. of Employee : |
4 |
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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|
|
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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 |
|
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. 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 :
RISING STAR
DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 10th February 2005
Trade Licence Number : 30221
Chamber Membership Number : 0296
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Traders of jewellery, diamonds and other precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Kushin Shah, Financial Controller
RISING STAR DMCC
Building :
Royal Diamond Building, 5th Floor, Suite No. 502
Area :
Gold Souq
PO Box :
120394
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 2269407 / 2269091
Facsimile :
(971-4) 2354004
Mobile : (971-50) 2803890
Email :
risingstardmcc@yahoo.com / sales@risingstardmcc.com
Please note that subject’s previous address
was, Royal Diamond Building, 4th Floor, Suite No. 403, Gold Souq, Dubai.
Subject moved one floor up in the same building during 2011.
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
· AU Tower Office
premises
Jumeirah Lakes Towers
Dubai
Tel: (971-4) 4948008
Name Nationality Position
· Atish
Naresh Mehta Indian Managing
Director
· Harshil Shah - Sales
Manager
· Kushin Shah - Financial
Controller
· Neima Sheikh - Administration
Executive
Date of
Establishment : 10th
February 2005
Legal Form : Limited Liability
Company
Trade Licence No. : 30221 (Expires 24/06/2015)
Chamber Member No. : 0296
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Atish
Naresh Mehta 100%
Activities: Traders of
jewellery, diamonds and other precious stones.
Import Countries: Thailand, India
and Europe.
Principal
Suppliers:
· Neel White Export Pvt Ltd India
· Shrenug DMCC Dubai
Operating Trend: Steady
Subject has a workforce of 4 employees.
Financial highlights provided by local
sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales US$
41,500,000 US$ 44,000,000
Local sources consider subject’s financial
condition to be Fair.
The above figures were provided by Mr Kushin
Shah, Financial Controller
· 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 company is considered to be a fair
trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.65 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.72.33 |
|
DH |
1 |
Rs.18.07 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared by
: |
TRU |
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.