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Report No. : |
348316 |
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Report Date : |
18.11.2015 |
IDENTIFICATION DETAILS
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Name : |
SHENOY JEWELLERY
LLC |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27.09.2006 |
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Com. Reg. No.: |
999959, |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Subject is engaged
in the import, export, wholesale and retail of jewellery
and diamonds. |
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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 |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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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.
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Source
: CIA |
Company Name : SHENOY JEWELLERY LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date : 27th
September 2006
Commercial
Registration Number : 999959,
Dubai
Trade Licence Number :
586402
Chamber Membership
Number : 111419
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Activities :
Import, export, wholesale and retail of jewellery and
diamonds
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anoop Nair, Sales Manager
SHENOY JEWELLERY
LLC
Building : Gold Land Building, Ground Floor,
Shop No. G-04
Area : Deira
PO Box : 83158 & 82731
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2258658
Facsimile : (971-4) 2258317 / 2258658
Mobile : (971-50) 4682895 / 4285672
Email : shenoyjewellery@yahoo.com / shenoyllc@shenoyjewellery.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
·
Govinda Krishna Shenoy Indian Managing
Director
·
Juma Eid Emirati Director
·
Anoop Nair - Sales
Manager
·
Hassan Shabir - Accountant
Date of Establishment : 27th
September 2006
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 999959, Dubai
Trade Licence No. : 586402
Chamber Member No. : 111419
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Juma Eid 51%
·
Govinda Krishna Shenoy 49%
Activities: Engaged in the import, export, wholesale
and retail of jewellery and diamonds.
Import Countries:
India, Kuwait and Qatar
International
Suppliers:
·
Digem Export Pvt Ltd India
·
Al Faris Jewellery Kuwait
·
La
Marquis Kuwait
·
Pari Gallery Qatar
Operating Trend: Steady
Subject has a
workforce of 4 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year
Ending 31/12/14:
Total Sales UAE Dh 35,000,000 UAE Dh 36,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Anoop
Nair, Sales Manager
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Tel: (971-4) 2226291
Fax: (971-4) 2281312
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.98 |
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|
1 |
Rs.100.11 |
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Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
AMT |
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Report Prepared
by : |
ANK |
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.