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Report No. : |
309848 |
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Report Date : |
26.02.2015 |
IDENTIFICATION DETAILS
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Name : |
D S M JEWELLERS
LLC |
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Registered Office : |
Gold Land Building, Office No. 112 Gold Souq, Deira 57845 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
21.02.2006 |
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Com. Reg. No.: |
78869, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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LINE OF BUSINESS : |
ENGAGED IN THE IMPORT AND EXPORT
OF JEWELLERY, DIAMONDS AND OTHER PRECIOUS STONES. |
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No. of Employee : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 : D S M
JEWELLERS LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 21st
February 2006
Commercial
Registration Number : 78869,
Dubai
Trade Licence
Number : 578095
Chamber Membership
Number : 104864
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
4
Activities :
Import and export of jewellery, diamonds and other precious stones.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nirav Ashwin
Shah, Managing Director
D S M JEWELLERS LLC
Building : Gold Land Building,
Office No. 112
Area : Gold Souq, Deira
PO Box : 57845
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2266911
Facsimile : (971-4) 2262101
Mobile : (971-50) 8808396 / 971-55 9967396
Email : dsmjewellery@gmail.com / dsmjewel@eim.ae
/ priyank@dsmpacific.com
Please note that
subject’s previous address was, Al Dhagaya Building, Shop No. 5, Gold Souq,
Deira, Dubai.
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Nirav
Ashwin Shah Indian Managing
Director
·
Obaid
Gharib Yaqoot Khamis Al Mazrooei Emirati Director
·
Neh
Shah - Finance
Manager
·
Ganpant
Singh Rothard - Sales
Manager
Date of Establishment : 21st
February 2006
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 78869, Dubai
Trade Licence No. : 578095
(Expires 20/02/2016)
Chamber Member No. : 104864
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Obaid
Gharib Yaqoot Khamis Al Mazrooei 51%
·
Nirav Ashwin
Shah 49%
·
Diaveer Dvba
Antwerp
Belgium
·
DSM Pacific
Sydney
Australia
·
S R Diamonds
Mumbai
India
Activities: Engaged in the import and export of
jewellery, diamonds and other precious stones.
Import Countries: Europe and the Far East
International Suppliers:
·
Araska
Diamonds India
·
Shree
Rama Krishna Export India
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$ 86,350,000 US$ 88,950,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Nirav Ashwin Shah, Managing Director
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.62.05 |
|
|
1 |
Rs.96.03 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
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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 |
|
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.