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Report No. : |
341141 |
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Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
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Name : |
DEVORE INTERNATIONAL JEWELLERY LLC |
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Registered Office : |
Royal Diamond Building, 2nd Floor, Suite No. 204
Gold Souq, Deira 57638 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
14.02.2010 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject is engaged as traders of jewellery,
precious stones and metals |
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No. of Employees : |
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) |
|
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.
|
Source
: CIA |
Company Name : DEVORE INTERNATIONAL JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 14th February 2010
Commercial Registration Number : 1054629, Dubai
Trade Licence Number : 634850
Chamber Membership Number : 180056
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 4
Activities : Traders of jewellery, precious stones and metals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jalak Girishbhai Desai, Managing Director
DEVORE
INTERNATIONAL JEWELLERY LLC
Building :
Royal Diamond Building, 2nd Floor, Suite No. 204
Area :
Gold Souq, Deira
PO Box :
57638
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 2352533
Facsimile :
(971-4) 2354332
Mobile :
(971-55) 2231380
Email : niral@devoreintl.com
/ info@devoreintl.com
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Dubai.
Name Nationality Position
· Jalak
Girishbhai Desai Indian Managing
Director
· Niral
Prakash Kumar Desai Indian Director
· Najlaa
Mohamed Alqari Emirati Director
· Osan
Shah - Sales
Manager
Date
of Establishment : 14th
February 2010
Legal
Form : Limited
Liability Company - LLC
Commercial
Reg. No. :
1054629, Dubai
Trade
Licence No. :
634850
Chamber
Member No. :
180056
Issued Capital : UAE
Dh 300,000
Paid up Capital :
UAE Dh 300,000
· Najlaa
Mohamed Alqari 51%
· Jalak
Girishbhai Desai 25%
· Niral
Prakash Kumar Desai 24%
Activities: Engaged as traders of jewellery,
precious stones and metals.
Import Countries: Europe and India.
International
Suppliers:
· Mahendra
Brothers Diamonds India
· Rosy
Blue India
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 19,500,000 UAE Dh
22,240,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by Mr Jalak Girishbhai
Desai, Managing Director
·
National Bank of Ras Al Khaimah
PO
Box: 1531
Dubai
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.44 |
|
UK Pound |
1 |
Rs.102.41 |
|
Euro |
1 |
Rs.75.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
-- |
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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.