MIRA INFORM REPORT

 

 

 

Report Date :

06.11.2012

 

IDENTIFICATION DETAILS

 

Name :

PACE GEMS MIDDLE EAST DMCC

 

 

Registered Office :

Al Mas Tower, 25th Floor, Room B & C, Jumeirah Lakes Towers PO Box 340589 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.01.2010

 

 

Com. Reg. No.:

31307

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of jewellery, diamonds and precious stones.

 

 

No. of Employees :

6

 

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 :

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE 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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

SUMMARY

 

Company Name                         : PACE GEMS MIDDLE EAST DMCC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 1st January 2010

Commercial Registration Number            : 31307

Trade Licence Number                            : 2208

Issued Capital                                        : UAE Dh 200,000

Paid up Capital                                      : UAE Dh 200,000

Total Workforce                                     : 6

Activities                                               : Distributors of jewellery, diamonds and precious stones.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Ahmed Basheer, Finance Manager

 

 

 

COMPANY NAME

 

PACE GEMS MIDDLE EAST DMCC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Mas Tower, 25th Floor, Room B & C, Jumeirah Lakes Towers

PO Box             : 340589

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 4240578

Facsimile          : (971-4) 4240564

Mobile               : (971-50) 5359814 / (971-55) 6603214

Email                : basher@pacegems.net

 

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

 

·       Prabodh Metha                                             Indian                                        Managing Director

 

·       Chetan Prabodh Metha                                  Indian                                        Director

 

·       Ahmed Basheer                                                 -                                          Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st January 2010

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 31307

 

Trade Licence No.       : 2208

 

Issued Capital              : UAE Dh 200,000

 

Paid up Capital            : UAE Dh 200,000

 

Name of Shareholder (s)                                                    Percentage

 

·       Pace Gems Pte Ltd                                                               100%

Singapore

 

 

AFFILIATED COMPANIES

 

·       Arpee Gems

Dubai

Tel: (971-4) 2255771

Fax: (971-4) 2262122

 

 

OPERATIONS

 

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

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                                        Year Ending 31/12/11:

 

Total Sales                                                        US$ 83,156,161

 

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

 

The above figures were provided by Mr Ahmed Basheer, Finance Manager

 

 

BANKERS

 

·       Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-          The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-          The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-          Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-          Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-          The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.