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MIRA INFORM REPORT
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Report No. : |
502961 |
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Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
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Name : |
RHYTHM DIMON DMCC |
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Registered Office : |
Gold Tower, Unit
AU-30-B, Plot No. JLT-PH1-13A, Jumeirah Lakes Towers, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
26.06.2005 |
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Com. Reg. No.: |
0541 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and Distribution
of Jewellery, Diamonds and Precious Metals. |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
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 :
slow but correct
Operating Trend : Steady
COMPANY
NAME
RHYTHM DIMON DMCC
ADDRESS
Registered Address
Location : Gold Tower, Unit AU-30-B, Plot No.
JLT-PH1-13A, Jumeirah Lakes Towers
Town : Dubai
Country : United Arab Emirates
Physical Address
Building : Gold Land Building, 1st
Floor, Office No. 127
Street : Al Khor Street
Area : Gold Souq, Al Daghaya, 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
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Mahendara
Kumar Dhandhukia Indian Proprietor
& General Manager
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Hashmuk
John - Assistant
General Manager
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Jayesh
Jevedi - Sales
Manager
·
Anoj
Bhora - Sales
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 26th
June 2005
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 0541
Trade Licence No. : 30371
Membership
No. : 209255
Invested Capital
: UAE Dh 100,000
Mr Mahendara Kumar
Dhandhukia is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
jewellery, diamonds and precious metals.
Import
Countries: India and
Belgium
Suppliers:
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Simdiam Pvt Ltd India
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Lakshmi Diamonds Pvt Ltd India
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M Suresh Co India
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Kieran Gems India
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Diarush DMCC Dubai
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Dimexon ME DMCC Dubai
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Dharm Diam BAVB Belgium
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending 31/03/16: Year Ending 31/03/17:
Total Sales US$ 334,000,000 US$ 340,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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National
Bank of Ras Al Khaimah
PO Box: 1531
Dubai
Tel:
(971-4) 2226291
Fax:
(971-4) 2281312
PAYMENT
HISTORY
Slow but correct
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions
List and UK Financial Sanctions List and nothing adverse could be found on the
exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.35 |
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1 |
INR 92.70 |
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Euro |
1 |
INR 80.80 |
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UAE Dh |
1 |
INR 17.76 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.