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Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
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Name : |
PERFECT BULLION FZE |
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Registered Office : |
Saif Zone, PO Box 122713, Sharjah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
19.01.2011 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Engaged in the import and distribution of gold bullion, silver
jewellery, precious and semi precious stones. |
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No. of Employees : |
3 Employees |
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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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UAE |
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 |
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.
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Source : CIA |
Company Name :
PERFECT BULLION FZE
Country of Origin :
Sharjah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
19th January 2011
Trade Licence Number :
07749
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
3
Activities :
Distributors of gold bullion, silver jewellery, precious and semi precious
stones.
Financial Condition :
Good
Payments : Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohan Lal Bhanshali, Managing Director
PERFECT BULLION FZE
Registered Address
Location : Saif Zone
PO Box : 122713
Town : Sharjah
Country : United Arab
Emirates
Physical Address
Location : Gold Souq,
Deira
Town : Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 2350730 / 2291909
Facsimile :
(971-4) 2350734
Mobile : (971-50)
6856592
Email : info@perfectbullion.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
· Mohan Lal
Bhanshali Managing
Director
Date of
Establishment : 19th
January 2011
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 07749
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Mohan Lal
Bhanshali 100%
· Kundan Jewellery
LLC
Dubai
Tel: (971-4)
2350730 / 2291909
Fax: (971-4)
2350734
Activities: Engaged in the import and distribution of gold bullion, silver jewellery,
precious and semi precious stones.
Import Countries: Europe and the Far East.
Subject has a workforce of 3 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12:
Total Sales UAE
Dh 330,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohan Lal Bhanshali, Managing
Director
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
·
Bank of Baroda
PO Box: 3162
Dubai
Tel: (971-4)
5531955
Fax: (971-4)
5536962
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.70 |
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|
1 |
Rs.100.11 |
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Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.