MIRA INFORM REPORT

 

 

Report Date :

09.04.2011

 

IDENTIFICATION DETAILS

 

Name :

INTER GEMS TRADING (L.L.C.)

 

 

Registered Office :

Gold Land Building, 2nd Floor, Office No. 218 Al Daghya Street Deira, Al Ras Area P.O. Box 62176 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

07.01.2001

 

 

Com. Reg. No.:

55815

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Trading as importers, wholesalers and retailers of jewellery, pearls and precious stones.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

Payment Behaviour :

No Complaints

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

Inter Gems Trading (L.L.C.) (Correct)

INTERGEMS TRADING (LLC) (Requested)

 

company ADDRESS

 

Building : Gold Land Building, 2nd Floor, Office No. 218

Street   : Al Daghya Street

Area     : Deira, Al Ras Area

P.O. Box : 62176

Town     : Dubai

Country  : United Arab Emirates

Telephone: (971 4) 225 3333 / Mobile (971 55) 455 9537 (Biren Shah) / Mobile (971 55) 551 0907 (Local Sponsor)

Fax      : (971 4) 225 5502

E-mail   : intergem@eim.ae

 

Also Known as : Intergems Trading (LLC)

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                            Position

 

1. Hitesh Kumar Vimalchand Sanghvi                 Managing Director

 

2. Biren Shah                                                                Chief Accountant

 

Total Employees : 6

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Trade risk assessment : Normal

 

PRINCIPAL BANKERS

 

NAME     : EMIRATES NBD (FMLY EMIRATES BANK INTERNATIONAL)

 

Branch   : Baniyas Square

PO Box   : 2923

Town     : Dubai

Telephone: (971 4) 228 3101

Fax      : (971 4) 222 6773

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales turnover : Dh 5,000,000 - 2009 - exact

               : Dh 5,800,000 – 2010 – exact

                         

Net Profit     : not given but stated to be 5%-8% of the sales 

             

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 7 January 2001

 

C.R. No. : 55815

 

DCCI Membership No. : 61719

 

Trade Licence No. : 523377 (expiry date: 6 January 2012)

 

Authorised Capital : Dh 300,000

 

Paid-Up Capital : Dh 300,000

 

Limited Liability Company with the following shareholders :

 

1. Hitesh Kumar Vimalchand Sanghvi                                                      49%

   (Indian national)

 

2. Masood Mohammed Hashim Mahammed Zaman *                                          51%

   (UAE national, local sponsor)

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.   

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and retailers of jewellery, pearls

and precious stones.

 

Imports from India, Germany and Italy.

 

Subject does not export all sale are local.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative office and a showroom with integrated storage facilities located at the heading address.

 

Subject previously used PO Box 1114, Dubai.

 

 

SPECIAL NOTE

 

You enquired on: INTERGEMS TRADING (LLC). Please note that subject is also known by this name. Subject's correct registered name is as per heading.

 

Interviewed: Biren Shah (Chief Accountant).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.04

UK Pound

1

Rs.72.20

Euro

1

Rs.63.40

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

--

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.