MIRA INFORM
REPORT
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Report Date : |
16.10.2011 |
IDENTIFICATION DETAILS
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Name : |
NIRMAL GEMS DMCC |
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Registered Office : |
Al Mas Business Centre, PC 211, Sheikh Zayed Road, Dubai Multi Commodities Centre, P.O. Box 242175, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.11.2009 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
importers
and Wholesalers Gems |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
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 |
Company NAME
Nirmal Gems DMCC
company ADDRESS
Building : Al Mas Business Centre, PC 211
Street : Sheikh Zayed Road
Area : Dubai Multi Commodities Centre
P.O. Box : 242175
Town : Dubai
Country : United Arab Emirates
Telephone : (971 4) 353 5965 / Mobiles (971 55) 843 5024 (Mrs Rupa Amrutlal Shah) / (971 50) 379 7790
(Amrutlal Saridas Shah)
E-Mail : shahakash53@yahoo.com
SENIOR COMPANY PERSONNEL
Name Position
1. Amrutlal Saridas Shah General Manager
2. Mrs Rupa Amrutlal Shah Director
(wife of the above)
Total Employees : 2
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
Subject was established in November 2009.
We consider it is acceptable to deal with subject for SMALL amounts,
Opinion on maximum credit : Dh 250,000
Trade risk assessment: Normal
PRINCIPAL BANKERS
NAME : STANDARD CHARTERED BANK
Branch : Al Fardan Building, Al Mankhool Road
P.O. Box : 999
Town : Dubai
Telephone : (971 4) 352 0455
Fax : (971 4) 352 6679
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 12,000,000 - 2010 - exact
Net profit : not given
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 18 November 2009
Trade License No.: 31273 (expiry date: 17 November 2011)
Capital : Dh 200,000
Free Zone Establishment * (single shareholder Limited Liability
Company) with the following sole shareholder :
Amrutlal Saridas Shah
(Indian national)
Dubai Multi Commodities Centre (DMCC) is a free zone authority
offering 100% business ownership, a guaranteed 50 year tax holiday
and freehold property options. Entities licensed by DMCC (Free Zone
Establishment or Free Zone Companies / LLC) are not required to have
a local sponsor. Minimum capital requirement is Dh 200,000.
DMCC is a strategic initiative of the Dubai government created to
establish a commodity market place in Dubai. It provides industry
specific market infrastructure and a range of facilities for the gold
& precious metals, diamonds & coloured stones, energy and other
commodities industries.
ACTIVITIES
The Company is involved in the following activities :
Trading as importers and wholesalers gems.
Imports from India, Singapore and Belgium.
Exports to India, Singapore and Belgium.
FACILITIES
The Company has the following facilities :
Rented premises comprising administrative offices located at the heading address.
Until November 2010 subject was located at :
Level No. 41 Emirates Towers
SPECIAL NOTE
The building name which you provided: LEVEL NO. 41 EMIRATES TOWERS, LEVEL NO. 41 apply to subject former location. Please note that subject's correct building is as per heading.
Interviewed: Amrutlal Saridas Shah (General Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.07 |
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1 |
Rs.77.42 |
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Euro |
1 |
Rs.67.72 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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.