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Report No. : |
343443 |
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Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
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Name : |
M SURESH CO DMCC |
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Registered Office : |
Al Mas Tower, 19th Floor, Office No. H2, Jumeirah Lakes Towers 340580 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
21.11.2005 |
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Legal Form : |
Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN THE IMPORT AND DISTRIBUTION OF GOLD, DIAMONDS AND JEWELLERY. |
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No. of Employee : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 annualTRADE 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 : M SURESH CO DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 21st
November 2005
Trade Licence
Number : 30339
Membership Number : 0532
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
5
Activities :
Import and distribution of gold, diamonds and jewellery
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tarun Mehta,
General Manager
M SURESH CO DMCC
Location : Al Mas Tower, 19th
Floor, Office No. H2, Jumeirah Lakes Towers
PO Box : 340580
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4574217 / 4574214
Facsimile : (971-4) 4574215
Mobile :(971-55) 9788636
Email : mscdmcc@eim.ae
/ mscdmcc@gmail.com
Please note that
subject’s previous address was, Gold Land Building, Plot M-17, Mezzanine Floor,
Al Ras Street, Gold Souq, Deira, Dubai.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Lalit Adany Indian Managing
Director
·
Lalit
Adany - Director
·
Tarun
Mehta - General
Manager
·
Rajesh Shah - Assistant
General Manager
Date of Establishment : 21st
November 2005
Legal Form :
Limited Liability Company
Trade Licence No. : 30339
Membership No. : 0532
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
M
Suresh Pvt Ltd 100%
Mumbai
India
Tel: (91-22) 23639001
Fax: (91-22) 23696492
Activities: Engaged in the import and distribution of
gold, diamonds and jewellery.
Import
Countries: Belgium and
Botswana
International Suppliers:
·
De Beers Ltd Botswana
·
Dominion Marketing Belgium
Operating Trend: Steady
Subject has a
workforce of 5 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$ 119,500,000 US$ 140,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Tarun Mehta, General Manager
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
No complaints
regarding subject’s payments have been reported.
Established in
2005, subject is involved in the import and distribution of gold, diamonds and
jewellery.
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.65.29 |
|
|
1 |
Rs.99.31 |
|
Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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|
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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 |
|
<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.