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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
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Name : |
KALYAN JEWELLERS FREE ZONE ESTABLISHMENT (KJ FZE) |
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Registered Office : |
Dubai Airport Free Zone, Plot No. 5EA 723, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.03.2013 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
Distributors of Jewellery and Diamonds |
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No. of Employees : |
2 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 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 :
KALYAN JEWELLERS FREE ZONE ESTABLISHMENT (KJ FZE)
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
15th March 2013
Trade Licence Number :
2503
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
2
Activities :
Distributors of jewellery and diamonds
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Koshik Venkat Raman, Operations Manager
KALYAN JEWELLERS FREE ZONE ESTABLISHMENT (KJ FZE)
Registered &
Physical Address
Location : Dubai Airport
Free Zone, Plot No. 5EA 723
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3708020
Facsimile : (971-4)
3708040
Mobile : (971-50)
5511050 / 5142016 / (971-55) 9290326
Email : rajesh.kalyanraman@kalyanjewellery.net
/ venkatraman@kalyanjewellers.net
Premises
Subject operates from a small suite of offices that are rented and located
in the Dubai Airport Free Zone.
Name Nationality Position
Rajesh Kalyan Raman Indian Managing
Director
Koshik Venkat Raman - Operations
Manager
Date of Establishment : 15th
March 2013
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 2503
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of
Shareholder (s) Percentage
Kalyan Jewellers India (P) Ltd 100%
Thrissur
Kerala
India
Tel: (91-487) 2437100
Fax: (91-487) 2437334
Name Percentage Held
Kalyan Jewellers LLC 49%
Dubai
Activities: Engaged in the import and distribution of jewellery and diamonds.
Subject is investing Rs 300 crore to open 7
stores in the United Arab Emirates by December 2013. There will be two stores
in Bur Dubai while Dubai, Karama, Qusais, Sharjah and Abu Dhabi will get one
each.
These stores will give equal importance to
gold and diamond jewelleries and will have a size between 2,000 square feet and
4,000 square feet.
Import Countries: Europe and the Far East.
Subject has a workforce of 2 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints regarding subject’s payments have been reported.
Please note that “Kalyan Silk LLC” is owned by a brother of Mr Rajesh
Kalyan Raman so is not a direct affiliated company. Subject’s only affiliated
company is “Kalyan Jewellers LLC”.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
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.
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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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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 –
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Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in February
2013. A senior executive of GJEPC said, “Export of cut and polished diamonds
started falling month-wise after the imposition of 2 % of import duty on the
polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.25 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.