MIRA INFORM REPORT

 

 

Report Date :           

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

ARABIAN JEWELLERY FZE

 

 

Registered Office :

EOC - E No.1390, Ajman Free Zone, Ajman

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

29.06.2007

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

importers and distributors of jewellery and diamonds

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

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)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

Arabian Jewellery FZE

 

 

company ADDRESS

 

Building             : Maryam Building, 1st Floor, Office No. 304

Area                 : Gold Souk Area, Deira

P.O.Box No.      : 241687

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971 4) 235 4408 / (Mobile) (971 55) 554 6860

Fax                   : (971 4) 235 4402

E-Mail               : arabianjewellery@gmail.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                                                               Position

 

Mahindra Kumar Bhidhklan Dhandhukia     Managing Director

 

Total Employees : 5

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

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

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : RAK BANK (NATIONAL BANK OF RAS AL KHAIMAH)

Branch   : Al Maktoum Street

PO Box   : 1531

Town     : Dubai

 

Telephone: (971 4) 222 6291

Fax      : (971 4) 228 1312

 

Subject also has an account with :

 

Abu Dhabi Commercial Bank (ADCB)

Al Riqqa Road

PO Box 5550

Dubai

Telephone: (971 4) 222 8141

Fax      : (971 4) 227 9632

 

 

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      : US DLRS 16,000,000 - 2008 - exact

                    : US DLRS 21,000,000 - 2009 - exact

                    : US DLRS 53,000,000 - 2010 – exact *

                    : US DLRS 65,000,000 – 2011 - projected

 

Net Profit          : US DLRS  1,650,000 - 2008 - exact

                    : US DLRS  2,500,000 - 2009 - exact

                    : US DLRS  4,900,000 – 2010 – exact

                    : US DLRS  6,500,000 – 2011 – projected

 

* A significant increase in sales turnover in 2010 was attributed to favourable market conditions and expansion of the business.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 29 June 2007

 

History : Subject was established in Ajman Free Zone on 29 June 2007.

Subject is registered in Ajman Free Zone but maintains its administrative offices in Dubai.

 

Trade License No. : 4854 (expired on 30/06/2011)

 

Authorised Capital : Dh 50,000

 

Paid up Capital : Dh 50,000

 

Free Zone Establishment (single shareholder limited liability

company) with the following sole shareholder :

 

Mahindra Kumar Bhidhklan Dhandhukia       100%

(Indian national)

 

* According to the Amiri decree no.3 of 1996 issued by H.H. Sheikh

Humaid Bin Rashid Al Nuaimi, Ruler of Ajman, granting autonomous

status to Ajman Free Zone (established 1988), a company incorporated

in Ajman Free Zone shall be registered as one of the following: Free

Zone Entity (FZE) is a legal entity owned (100%) by either a person

or a corporate body, must have a capital equivalent to US DLRS

50,000, the liability of the owner is limited to the amount of the

share capital; Free Zone Company (FZC) has a separate legal identity

and the liability of its owner is limited to the value of the paid up

shared capital: Branch of a foreign company - licenses under this

category are issued to foreign companies established outside the UAE

than intend to incept a branch or a subsidiary of their foreign

registered company. The activity may be commercial, industrial or

professional/services; branch of a local company- licenses under this

category are issued to companies holding a valid licence from any UAE

licensing authority except from other Free Zones.

 

 

ACTIVITIES

 

The Subject is involved in the following activities :

 

Trading as importers and distributors of jewellery and diamonds.

 

NACE Code : 4648

 

Imports from Asia and Africa, mainly from India and South Africa.

 

Exports mainly to Bahrain, Qatar, Kuwait, Hong Kong and Belgium.

 

 

FACILITIES

 

The Subject has the following facilities :

 

Rented office premises located at the heading address.

 

Subject is registered in Ajman Free Zone but maintains its

administrative offices in Dubai.

 

 

REGISTERED OFFICE

 

EOC - E No.1390

Ajman Free Zone

Ajman

 

 

SPECIAL NOTE

 

The address given by you: E.O.C -E No 1390 Ajman Free Zone, Ajman applies to subject's registered office. Please note that subject’s correct operational office address is as per heading.

 

Interviewed: Mahindra Kumar Bhidhklan Dhandhukia (Managing Director).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.34

UK Pound

1

Rs.73.70

Euro

1

Rs.65.75

 

 

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.