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Report No. : |
331354 |
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Report Date : |
07.07.2015 |
IDENTIFICATION DETAILS
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Name : |
NIMISHA JEWELLERS LLC |
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Registered Office : |
The Gold Centre, Suite M25, Al Khor Street, Gold Souq, Deira, PO Box:
57902, : Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
16.09.1986 |
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Com. Reg. No.: |
43363, Dubai |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of jewellery, diamonds and other precious stones |
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No. of Employees : |
12 |
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, 31st, 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 |
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High |
B2 |
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Very High |
C1 |
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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. 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.
|
Source
: CIA |
Company Name :
NIMISHA JEWELLERS LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
16th September 1986
Commercial Registration Number :
43363, Dubai
Trade Licence Number :
206399
Chamber Membership Number :
11853
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
12
Activities :
Distributors of jewellery, diamonds and other precious stones
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
NIMISHA JEWELLERS LLC
Registered &
Physical Address
Building : The Gold
Centre, Suite M25
Street : Al Khor
Street
Area : Gold Souq,
Deira
PO Box : 57902
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2264950
Facsimile : (971-4)
2266440
Email : nimisha@emirates.net.ae
Premises
Subject operates from a small suite of offices and a showroom that are rented
and located in the Central Business Area of Dubai.
Name Nationality Position
Steen Suresh Choksi Indian Managing
Director
Suresh Vithaldas Choksi Indian Director
Abhijit Suresh Choksi Indian Director
Mohamed Rashid Mohamed Al Abdouli Emirati Director
Date of Establishment : 16th
September 1986
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 43363, Dubai
Trade Licence No. : 206399 (Expires
15/09/2014)
Chamber Member No. : 11853
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Mohamed Rashid Mohamed Al Abdouli 51%
Steen Suresh Choksi 24%
Suresh Vithaldas Choksi 13%
Abhijit Suresh Choksi 12%
Activities: Engaged in the
import and distribution of jewellery, diamonds and other precious stones.
Import Countries: Europe
and the Far East.
Subject has a workforce of 12 employees.
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.
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
No complaints regarding subject’s payments have been reported.
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.
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 –
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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.63.57 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.70.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.