MIRA INFORM REPORT
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Report No. : |
316746 |
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Report Date : |
09.04.2015 |
IDENTIFICATION DETAILS
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Name : |
STAR GEMS LLC |
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Registered Office : |
Suite No. 103 Al Shamal Building, 1st Floor Gold Souq, Deira 181330 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
29.02.2004 |
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Com. Reg. No.: |
66243, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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LINE OF BUSINESS : |
ENGAGED IN THE IMPORT AND EXPORT
OF JEWELLERY, PRECIOUS METALS AND STONES. |
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No. of Employee : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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United Arab
Emirates |
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 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.
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Source
: CIA |
SUMMARY
Company Name : STAR GEMS
LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 29th
February 2004
Commercial
Registration Number : 66243,
Dubai
Trade Licence Number : 554040
Chamber Membership
Number : 84846
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 7
Activities :
Import and export of jewellery, precious metals and stones
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Karan Javeri,
Managing Director
COMPANY
NAME
STAR GEMS LLC
ADDRESS
Registered & Physical
Address
Building : Suite No. 103 Al Shamal Building, 1st Floor
Area :
Gold Souq, Deira
PO Box : 181330
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2351841 / 2351041
Facsimile : (971-4) 2351842
Mobile : (971-50) 5547099
Email : jewellery@stargemsgroup.com
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
·
Karan
Javeri Belgium Managing
Director
·
Pavesh Javeri Indian Director
·
Ahmad
Abdullah Fardan Al Fardan Emirati Director
LEGAL
FORM & OWNERS
Date of Establishment : 29th
February 2004
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 66243, Dubai
Trade Licence No. : 554040
Chamber Member No. : 84846
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Ahmad
Abdullah Fardan Al Fardan 51%
·
Pavesh Javeri 25%
·
Karan
Javeri 24%
AFFILIATED
COMPANIES
·
Star Gems DMCC
Jumeirah Lakes
Towers
Dubai
Tel: (971-4) 4322112
OPERATIONS
Activities: Engaged in the import and export of
jewellery, precious metals and stones.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 7 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 90,000,000 US$
92,655,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Karan Javeri, Managing Director
BANKERS
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Tel: (971-4) 2226291
Fax: (971-4) 2281312
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.33 |
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|
1 |
Rs.92.53 |
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Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.