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Report No. : |
351994 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SOLITAIRE GENERAL TRADING FZE |
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Registered Office : |
Al Jazeera Al Hamra, RAK Free Zone, Ras Al
Khaimah, PO Box 31291 |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
20.06.2010 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the import and distribution of
diamonds and diamond jewellery. |
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No. of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Trade License Expired |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 of 2008, 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 economic diversification and creating more job opportunities for nationals
through improved education and increased private sector employment.
|
Source
: CIA |
Company
name
SOLITAIRE GENERAL TRADING FZE |
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ORDER
DETAILS
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Business/ Subject Name |
: |
Solitaire General Trading FZE |
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Address |
: |
RASAL Khaimah Free Zone Rah |
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Country |
: |
United Arab Emirates |
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IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
SOLITAIRE GENERAL TRADING FZE |
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2) Registered
Address: |
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Address |
: |
Al Jazeera Al Hamra, RAK Free Zone |
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Town |
: |
Ras Al Khaimah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
31291 |
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Phone (s) |
: |
(971-7) 2068666 |
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3) Operational
Address & Contact Details: |
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Address |
: |
Gold Souq, Office No. 203 |
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Town |
: |
Dubai |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
88939 |
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Phone (s) |
: |
(971-4) 2264721 |
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Facsimile |
: |
(971-4) 2262674 |
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Mobile |
: |
(971-50) 3467321 |
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: |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
: |
Free Zone Establishment - FZE |
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Date of Registration |
: |
20th June 2010 |
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Trade License Number |
: |
RAKIA 51FZ2306102982 |
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Expiry Date |
: |
19/06/2014 |
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KEY
FACTS
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Operational Status |
: |
Normal |
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Financial Condition |
: |
Undetermined |
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Primary Business Activity |
: |
Distribution of diamonds and diamond
jewellery (1)+A61 |
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Number of Employees |
: |
1 |
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Capital |
: |
UAE Dh 1,000,000 |
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Note: (1) |
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Engaged in the import and distribution of
diamonds and diamond jewellery. |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 1,000,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 1,000,000 |
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FINANCIAL
DATA
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Companies registered in Dubai, United Arab
Emirates are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources. |
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BANKERS
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1 |
Name |
Bank of Baroda |
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PO Box |
3162 Dubai |
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Tel |
(971-4) 5531955 |
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Fax |
(971-4) 5536962 |
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SHAREHOLDERS
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1 |
Name |
Mukeshbhai Babubhai Gopani |
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Percentage |
100% |
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Country |
India |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Mukeshbhai Babubhai Gopani |
Indian |
Managing Director |
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AFFILIATED
COMPANIES
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1 |
Name |
Golden Stok General Trading FZE |
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Address |
Navran Building Deira |
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PO Box |
57632 Dubai |
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Tel |
(971-4) 2262674 |
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Fax |
(971-4) 2264721 |
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PAYMENT
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE
DATA
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Performance Defaults |
: |
No record found |
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Payment Defaults |
: |
No record found |
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Adverse Press Coverage |
: |
No record found |
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Litigations |
: |
No record found |
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Former Business Relationships |
: |
No record found |
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INVESTIGATOR'S
COMMENTS
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Please note that according to the Ras Al
Khaimah authorities the subject’s trade licence number expired on 19th June
2014 and has not been renewed. When we contacted the owner, Mr. Mukeshbhai
Babubhai Gopani, he stated that the subject was not active and therefore
would not give any further details. |
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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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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 –
-
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.66.75 |
|
|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.70.67 |
|
UAE Dirham |
1 |
Rs.18.21 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
-- |
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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.