|
Report No. : |
312690 |
|
Report Date : |
18.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHONAM DIAMONDS
DMCC |
|
|
|
|
Registered Office : |
Almas Tower, Almas Business Centre, Unit No. Almas 28F, Plot No. LT2, Jumeirah Lakes Towers 340562 Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
22.10.2010 |
|
|
|
|
Com. Reg. No.: |
2367 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
LINE OF BUSINESS : |
ENGAGED IN THE IMPORT AND
DISTRIBUTION OF JEWELLERY AND DIAMONDS |
|
|
|
|
No. of Employee : |
3 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
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 : SHONAM
DIAMONDS DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 22nd
August 2010
Commercial Registration
Number : 2367
Trade Licence
Number : 31448
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce : 3
Activities :
Distributors of jewellery and diamonds.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rushab Bhupendra
Dalal, Sales Manager
SHONAM DIAMONDS
DMCC
Location : Almas Tower, Almas Business Centre,
Unit No. Almas 28F, Plot No. LT2, Jumeirah Lakes Towers
PO Box : 340562
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4356713
Facsimile : (971-4) 4356713
Mobile : (971-50) 7757854 / (971-55)
9846223 / 1198081
Email : rushab.shah@gmail.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Shonit Shah Indian Managing
Director
·
Sandeep Shah Indian General
Manager
·
Rushab Bhupendra Dalal Indian Sales
Manager
Date of Establishment : 22nd
August 2010
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2367
Trade Licence No. : 31448
(Expires 21/08/2015)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
Shonit Shah 100%
Activities: Engaged in the import and distribution of
jewellery and diamonds.
Import
Countries: Europe and the
Far East.
Principal Suppliers:
·
Jewels Golden BVBA Belgium
·
ABMICO Import Export Pvt Ltd India
·
Dayus DMCC Dubai
·
DMN Diamond DMCC Dubai
Operating Trend: Steady
Subject has a workforce
of 3 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$ 255,000,000 US$ 270,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Rushab Bhupendra Dalal, Sales Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
·
ABN
Amro Bank NV
Deira Branch
PO Box: 2567
Dubai
Tel: (971-4) 3512200
Acc No. 3077 1960 0003 475
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.62.69 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.66.37 |
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 |
|
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.