MIRA
INFORM REPORT
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Report No. : |
307488 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
GITANJALI VENTURES DMCC |
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Registered Office : |
Al Mas Tower, Level 33, Suite 33-D, Jumeirah Lakes Towers, 44331 Dubai |
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Country : |
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Financials (as on) : |
2014 |
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Date of Incorporation : |
26.03.2007 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of diamonds, precious stones, diamond jewellery and pearls |
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No of Employees : |
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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UAE 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 : GITANJALI VENTURES DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 26th March 2007
DMCC Number : 0927
Trade Licence Number : 30669
Chamber Membership Number : 174613
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Total Workforce : 6
Activities : Distributors of jewellery, diamonds and other precious stones
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : C V Rinesh, Administration Officer
Company name
GITANJALI VENTURES
DMCC
COMPANY ADDRESS
Registered & Physical Address
Location : Al Mas Tower, Level 33, Suite
33-D, Jumeirah Lakes Towers
PO Box : 44331
Town : Dubai
Country :
Telephone : (971-4) 4486494
Facsimile : (971-4) 4486492
Mobile : (971-55) 5565942
Email : gvdmcc@gitanjalidmcc.com / admin@gitanjali.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 Position
·
Dion
Lilywhite General
Manager
·
Jitendara
Mahajan Finance
Manager
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K V
Joshi Commercial
Manager
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C V
Rinesh Administration
Officer
LEGAL FORM & OWNERS
Date of Establishment : 26th
March 2007
Legal Form :
Limited Liability Company
DMCC
No. : 0927
Trade Licence No. : 30669
(Expires 25/03/2015)
Chamber Member No. : 174613
Issued Capital : UAE Dh 200,000
Paid up Capital : UAE Dh 200,000
Name of Shareholder
(s) Percentage
·
Gitanjali
Gems Ltd 100%
Mumbai
India
AFFILIATED COMPANIES
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Gitanjali
Jewels LLC
Dubai
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Gitanjali
Golden Precious LLC
Dubai
OPERATIONS
Activities: Engaged in the import and distribution of diamonds,
precious stones, diamond jewellery and pearls.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 6 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
States Dollar (US$)
Balance Sheet
Statement of Income
BANKERS
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Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
·
Habib
Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4) 2221281
Fax: (971-4) 2284631
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Bank of
Baroda
PO Box: 3162
Dubai
Tel: (971-4) 5531955
Fax: (971-4) 5536962
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The
Standard Chartered Bank
Khalid Bin Waleed Street
Mankhool Branch
PO Box: 999
Dubai
Tel: (971-4) 2520455
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
|
Indian Rupees |
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US Dollar |
1 |
Rs. 62.13 |
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|
1 |
Rs. 95.77 |
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Euro |
1 |
Rs. 71.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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 |
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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.