MIRA INFORM REPORT

 

 

 

 

Report Date :           

26.07.2014

 

IDENTIFICATION DETAILS

 

Name :

NIRMAL GEMS DMCC

 

 

Registered Office :

Al Mas Business Centre, PC 211, Sheikh Zayed Road, Dubai Multi Commodities Centre, P.O. Box           242175, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

18.11.2009

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

importers and Wholesalers Gems

 

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

UAE - 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 country 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. 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

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.14

UK Pound

1

Rs.102.21

Euro

1

Rs.81.01

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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