MIRA INFORM REPORT

 

Report Date :           

01.08.2012

 

IDENTIFICATION DETAILS

 

Name :

PURE GOLD JEWELLERS LLC

 

 

Registered Office :

Al Musalla Tower, 17th Floor, Suite No. 1703, Khalid Ibn Al Waleed Street, Al Hamriya 15847, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.11.1989

 

 

Com. Reg. No.:

40913

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of jewellery, watches precious stones and metals

 

 

No. of Employees :

350

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

SUMMARY

                                                      

Company Name                                     : PURE GOLD JEWELLERS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 21st November 1989

Commercial Registration Number            : 40913, Dubai

Trade Licence Number                            : 221080

Chamber Membership Number                : 17633

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 350

Activities                                               : Import and distribution of jewellery, watches precious stones and     metals

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Asif Virani, Chief Financial Officer

 

COMPANY NAME

 

PURE GOLD JEWELLERS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Musalla Tower, 17th Floor, Suite No. 1703

Street               : Khalid Ibn Al Waleed Street

Area                 : Al Hamriya

 

PO Box             : 15847

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3979300 / 3531700

Facsimile          : (971-4) 3979400 / 3534500

Email                : firoz@emirates.net.ae / pugold@pugold.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

Subject has over 40 showrooms throughout the Emirates located in Dubai, Sharjah, Abu Dhabi, Al Ain and Ajman.

 

 

KEY PRINCIPALS

 

            Name                                                   Nationality                   Position

 

Firoz Ghulam Hussain Merchant                                       Indian                          Managing Director

 

Rozina Firoz Merchant                                         Indian                          Director

 

Karim Firoz Merchant                                           Indian                          Director

 

Dr Abdullah Al Amiri                                             Emirati                        Director

 

Sanjay Agrawal                                                    -                                 Finance Manager          

 

Walter Kurdos                                                     -                                 Operations Manager

 

Asif Virani                                                                -                            Chief Financial Officer

 

Ashish Sakhardande                                                 -                            Sales Manager

 

Rittesh Yadavanus                                                    -                            Marketing Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 21st November 1989

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 40913, Dubai

 

Trade Licence No.       : 221080 (Expires 21/10/2012)

 

Chamber Member No. : 17633

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                              Percentage

 

Dr Abdullah Al Amiri                                                            51%

 

Firoz Ghulam Hussain Merchant                                                      17%

 

Rozina Firoz Merchant                                                        16%

 

Karim Firoz Merchant                                                          16%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of jewellery, watches precious stones and metals.

 

Import Countries: Europe and the Far East

 

Brand Names: PURE SPARKLE, MOSAICO, MURANO, PURE DIAMONDS, PURE 22K and OYSTRA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 376,000,000                  UAE Dh 450,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures were provided by Mr Asif Virani, Chief Financial Officer

 

 

BANKERS

 

Habib Bank Ltd

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1989, subject is involved in the import and distribution of jewellery, watches precious stones and metals.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.81

UK Pound

1

Rs.87.67

Euro

1

Rs.68.45

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.