MIRA INFORM REPORT

 

 

Report No. :

329820

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :            

ATKINS GOLD CAPITAL FZE

 

 

Registered Office :

Al Jazeera Al Hamra, RAK Free Zone, 31291 Ras Al Khaimah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

14.09.2010

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Engaged in the import and distribution of diamonds and jewellery.

 

 

No. of Employees :

2

 

 

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)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

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. 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.

 

Source : CIA

SUMMARY

 

Company Name                                    : ATKINS GOLD CAPITAL FZE

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Free Zone Establishment - FZE

Registration Date                                  : 14th September 2010

Trade Licence Number                           : RAKIA 51FZ309103208

Issued Capital                                       : UAE Dh 500,000

Paid up Capital                                     : UAE Dh 500,000

Total Workforce                                     : 2

Activities                                               : Distributors of diamonds and jewellery.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Prakash Patel, Sales Manager

 
Company name

 

ATKINS GOLD CAPITAL FZE

 

 

company ADDRESS

 

Registered Address

 

Area                 : Al Jazeera Al Hamra, RAK Free Zone

 

PO Box            : 31291

 

Town                : Ras Al Khaimah

Country             : United Arab Emirates

 

Physical Address

 

Building            : Fatima Building, Office No. 101

Area                 : Gold Souq, Deira

 

PO Box            : 62602

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2262674 / 4405969

Facsimile          : (971-4) 2254666

Mobile              : (971-56) 1750339 / (971-50) 6599150

Email                : bodrallc@eim.ae

 

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

 

·       Bodra Girsh Kumar Karamshi Bhai                 Indian                                       Managing Director

 

·       Prakash Patel                                                    -                                          Sales Manager

 

·       M Manish                                                          -                                          Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14th September 2010

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.        : RAKIA 51FZ309103208 (Expires 13/09/2015)

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                              Percentage      

 

·       Bodra Girsh Kumar Karamshi Bhai                                 100%

 

 

AFFILIATED COMPANIES

 

·       Bodra Trading LLC

PO Box: 62602

Dubai

 

·       Glamour Diamond Jewellery LLC

     PO Box: 62602

     Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of diamonds and jewellery.

 

Import Countries: Europe and the Far East

 

Suppliers:

 

·         Enn Enn Corporation Ltd                 India

·         Dazzling Diamond FZCO                 Dubai

·         Sky Diamond & Jewellery FZE         Ras Al Khaimah

 

Subject has a workforce of 2 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$ 104,000,000                       US$ 107,750,000

 

 

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

 

The above figures were provided by Mr Prakash Patel, Sales Manager

 

 

BANKERS

 

·       Bank of Baroda

PO Box: 3162

Dubai

Tel: (971-4) 5531955

Fax: (971-4) 5536962

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL 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. 63.57

UK Pound

1

Rs. 99.20

Euro

1

Rs. 70.35

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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%)

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