MIRA INFORM REPORT
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Report No. : |
318781 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
INTER GEMS
TRADING LLC |
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Registered Office : |
Gold Land Building, 2nd Floor, Office No. 218 Al Daghaya Street Al Ras, Deira 62176 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
08.01.2001 |
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Com. Reg. No.: |
55815, 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, pearls and precious stones. |
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No. of Employee : |
6 |
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) |
|
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. 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 and ultimately a $20 billion bailout from the UAE
Central Bank and Abu Dhabi-emirate government that was refinanced in March
2014. 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 : INTER GEMS
TRADING LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
8th January 2001
Commercial
Registration Number : 55815,
Dubai
Trade Licence
Number : 523377
Chamber Membership
Number : 61719
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 6
Activities :
Import and export of jewellery, pearls and precious stones
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hitesh Kumar
Vimalchand Sanghvi, Managing Director
COMPANY
NAME
INTER GEMS TRADING LLC
ADDRESS
Registered & Physical
Address
Building : Gold Land Building, 2nd
Floor, Office No. 218
Street : Al Daghaya Street
Area : Al Ras, Deira
PO Box : 62176
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2253333
Facsimile : (971-4) 2255502
Mobile : (971-50) 5510907
Email : intergem@emirates.net.ae / gauravkumarsanghvi@gmail.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
·
Hitesh
Kumar Vimalchand Sanghvi Indian Managing
Director
·
Masood
Mohamed Hashim Mohamed Zaman Emirati Director
·
Gora
Sanghavi - Sales
Manager
·
Biren
Shah - Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 8th
January 2001
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 55815, Dubai
Trade Licence No. : 523377
(Expires 06/01/2016)
Chamber Member No. : 61719
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
·
Masood
Mohamed Hashim Mohamed Zaman 51%
·
Hitesh
Kumar Vimalchand Sanghvi 49%
OPERATIONS
Activities: Engaged in the import and export of
jewellery, pearls and precious stones.
Import
Countries: Thailand, India
and South Africa
International Suppliers:
·
Asiam
Star Co Ltd India
· SBMH DMCC United
Arab Emirates
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 31/12/13: Year Ending
31/12/14:
Total Sales US$ 149,500,000 US$ 151,675,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Hitesh Kumar Vimalchand Sanghvi, Managing Director
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
·
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
|
|
1 |
Rs.93.85 |
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Euro |
1 |
Rs.67.59 |
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.