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Report No. : |
323760 |
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Report Date : |
27.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Gold Tower, Unit AU-30-B, Jumeirah Lakes Towers, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
26.07.2005 |
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Com. Reg. No.: |
0541 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of jewellery, diamonds and precious metals. |
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No of Employees : |
5 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 : RHYTHM DIMON DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 26th June 2005
Commercial Reg. No. : 0541
Trade Licence Number : 30371
Membership Number : 209255
Invested Capital : UAE Dh 100,000
Total Workforce : 5
Activities : Distributors of jewellery, diamonds and precious metals.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mahendara Kumar Dhandhukia, Proprietor & General Manager
RHYTHM DIMON DMCC
Town : Dubai
Country : United Arab Emirates
Building : Gold Land Building, 1st
Floor, Office No. 127
Street : Al Khor Street
Area : Gold Souq, Deira
PO Box : 64362
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354401
Facsimile : (971-4) 2354402
Mobile : (971-50) 2935844
Email : mahendara40550@yahoo.com / mahendra@rhythmdimon.com
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
·
Mahendara
Kumar Dhandhukia Indian Proprietor & General Manager
·
Hashmuk
John - Assistant
General Manager
·
Jayesh
Jevedi - Sales
Manager
·
Anoj
Bhora - Sales
Executive
Date of Establishment : 26th
July 2005
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 0541
Trade Licence No. : 30371
(Expires 16/12/2017)
Membership
No. : 209255
Invested Capital
: UAE Dh 100,000
Mr Mahendara Kumar
Dhandhukia is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
jewellery, diamonds and precious metals.
Import
Countries: Europe and the
Far East.
Suppliers:
·
Simdiam Pvt Ltd India
·
Lakshmi Diamonds Pvt Ltd India
·
Diarush DMCC Dubai
·
Dimexon ME DMCC Dubai
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Period
01/01/2014 - 31/03/15:
Total Sales UAE Dh
295,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mahendara Kumar Dhandhukia, Proprietor & General
Manager
·
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.84 |
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|
1 |
Rs. 98.37 |
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Euro |
1 |
Rs. 69.64 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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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 |
|
<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.