MIRA INFORM REPORT

 

 

Report No. :

356432

Report Date :

22.12.2015

 

IDENTIFICATION DETAILS

 

Name :

JEWELEX FZC

 

 

Registered Office :

SM F1, No. 239C, Ajman Free Zone, Ajman

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

27.04.2009

 

 

Legal Form :

Free Zone Company - FZC

 

 

Line of Business :

Subject engaged in the import and distribution of diamonds and diamond jewellery

 

 

No. of Employee :

4

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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. 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

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

JEWELEX FZC

 

2) Registered Address:

Address

:

SM F1, No. 239C, Ajman Free Zone

Town

:

Ajman

Country

:

United Arab Emirates

 

3) Operational Address & Contact Details:

Address

:

Halima Sultan Al Owais Building, 1st Floor, Office No. 671 Gold Souq, Deira

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

57941

Phone (s)

:

(971-4) 2353715

Facsimile

:

(971-4) 2353714

Email

:

jewelexuae@yahoo.com

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Free Zone Company - FZC

Date of Registration

:

27th April 2009

Trade License Number

:

4799

 

 

 

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Good

Primary Business Activity

:

Distribution of diamonds and diamond jewellery

Number of Employees

:

4

Capital

:

UAE Dh 500,000

Note:

Engaged in the import and distribution of diamonds and diamond jewellery.

 

 

CAPITAL DETAILS

 

Issued Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 500,000

 

Paid Up Capital:

No of Shares

No of Shares

Amount

N/A

N/A

UAE Dh 500,000

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Balance Sheet

31/03/15

31/03/14

 

Non-current assets

 

 

 

Property, plant and equipment

2,12,29,360

2,26,53,374

2,40,77,388

Current assets

 

 

 

Trade receivables

9,90,61,659

8,59,97,061

6,76,16,595

Other receivables

13,58,520

 

 

Inventories

98,78,506

77,53,557

62,71,119

Cash and cash equivalents

3,81,803

2,94,287

2,50,171

 

11,06,80,488

9,40,44,905

7,41,37,885

Total assets

13,19,09,848

11,66,98,279

9,82,15,273

Current liabilities

 

 

 

Trade payables

6,41,18,824

6,15,48,766

5,45,11,007

Other payables

40,24,162

30,92,270

1,42,89,240

 

6,81,42,986

6,46,41,036

6,88,00,247

Non-current liabilities

 

 

 

Shareholders’ Fund

 

 

 

Share capital

4,10,846

4,10,846

4,10,846

Retained earnings

6,33,56,015

5,16,46,397

2,90,04,180

Total

6,37,66,861

5,20,57,243

2,94,15,026

Total equity and liabilities

13,19,09,847

11,66,98,279

9,82,15,273

 

Statement of Income

Sales

39,51,40,242

33,71,11,176

27,87,16,385

Cost of sales

37,43,95,379

31,95,81,396

26,43,62,495

Gross profit

2,07,44,863

1,75,29,780

1,43,53,890

General administrative expenses

5,92,710

4,82,069

3,90,203

Depreciation

14,24,014

14,24,014

14,24,014

Total expenses

20,16,724

19,06,083

18,14,217

Net profit for the year

1,87,28,139

1,56,23,697

1,25,39,673

Local sources consider subject’s financial condition to be Good.

 

BANKERS

 

1

Name

Emirates National Bank of Dubai

 

Address

Baniyas Street

 

PO Box

777 Dubai

 

Tel

(971-4) 2222241

 

SHAREHOLDERS

 

Sr.No

Name

Nationality

1

Palak Vora

Indian

2

Kartik Tosani

Indian

 

SENIOR MANAGEMENT

 

Sr.No

Name

Nationality

Dsignation

1

Palak Vora

Indian

Managing Director

2

Kartik Tosani

Indian

Director

 

AFFILIATED COMPANIES

 

1

Name

Decent Diamonds Trading LLC

 

PO Box

57941 Dubai

 

Tel

(971-4) 2353715

 

Fax

(971-4) 2353714

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

India

Import

2

Far East

Import

 

PREMISES

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.32

UK Pound

1

Rs.98.99

Euro

1

Rs.72.13

DH

1

Rs.18.05

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.