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MIRA INFORM REPORT
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Report No. : |
483742 |
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Report Date : |
03.01.2018 |
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,
PO Box: 340580, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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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 : |
Import and Distribution of Gold, Diamonds and Jewellery. |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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. 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 : 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 : Distributors of gold, diamonds and jewellery
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
COMPANY
NAME
M SURESH CO DMCC
ADDRESS
Registered & Physical
Address
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 / mscdmcc@msuresh.net
Please note that subject’s previous address was, Gold Land Building,
Plot M-17, Mezzanine Floor, Al Ras Street, Gold Souq, Deira, Dubai.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
· Lalit Adany Indian Managing
Director
· Tarun Mehta - General
Manager
· Rajesh Shah - Assistant
General Manager
LEGAL
FORM & OWNERS
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
Name of Shareholder (s) Percentage
· M Suresh Pvt Ltd 100%
Mumbai
India
Tel:
(91-22) 23639001
Fax:
(91-22) 23696492
OPERATIONS
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
DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/15: Year Ending
31/12/16:
Total Sales US$
146,800,000 US$
153,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222555
Fax:
(971-4) 2221110
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Established in 2005, subject is involved in the import and distribution
of gold, diamonds and jewellery.
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 company 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 63.67 |
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1 |
INR 86.11 |
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Euro |
1 |
INR 76.59 |
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UAE Dh |
1 |
INR 17.30 |
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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PRA |
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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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.