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Report No. : |
329710 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Gold Corner Building, Shop No. 3, 4, 5 and 6, Gold Souk, Deira 21468 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
24.10.1993 |
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Com. Reg. No.: |
41233 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged in the import and distribution of jewellery, precious metals, sunglasses and watches. |
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No. of Employees : |
25 |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE 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, 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 diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
Company Name : POPLEY KEWALRAM JEWELLERS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 24th October 1993
Commercial Registration Number : 41233, Dubai
Trade Licence Number : 232364
Chamber Membership Number : 28631
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 25
Activities : Distributors of jewellery, precious metals, sunglasses and watches.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
POPLEY KEWALRAM
JEWELLERS LLC
Building : Gold Corner Building, Shop No. 3,
4, 5 and 6
Area : Gold Souk, Deira
PO Box : 21468
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2258345
Facsimile : (971-4) 2259904
Email : popley@emirates.net.ae
Subject operates
from a small suite of offices and showrooms that are rented and located in the
Central Business Area of Dubai.
Name Nationality Position
·
Kamal
Laxman Popley Indian Managing
Director
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Dilip
Laxman Popley Indian Director
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Rajiv
Laxman Kewalram Indian Director
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Jaffar
Ibrahim Hassan Alfardan Emirati Director
·
Shiva Raman - Financial
Controller
·
Imtiaz Mohamed - Sales
Executive
Date of Establishment : 24th
October 1993
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41233, Dubai
Trade Licence No. : 232364
(Expires 23/10/2015)
Chamber Member No. : 28631
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Jaffar
Ibrahim Hassan Alfardan 51%
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Kamal
Laxman Popley 19%
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Dilip
Laxman Popley 15%
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Rajiv
Laxman Kewalram 15%
Activities: Engaged in the import and distribution of jewellery,
precious metals, sunglasses and watches.
Import
Countries: Europe and the
Far East.
Local Suppliers:
·
Shattaf Jewellery
·
Sougandh Jewellery
Brand Names: SPIRIT, GUESS and TAG HEUER
Subject has a
workforce of 25 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.
·
Dubai
Islamic Bank
PO Box: 1080
Dubai
Tel: (971-4) 2953000
Fax: (971-4) 2954111
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs. 63.39 |
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|
1 |
Rs. 98.94 |
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Euro |
1 |
Rs. 70.33 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.