MIRA INFORM REPORT

 

 

Report No. :

322137

Report Date :

14.05.2015

 

IDENTIFICATION DETAILS

 

Name :

MALABAR GOLD LLC

 

 

Formerly Known As :

MALABAR GOLD & DIAMONDS LLC

 

 

Registered Office :

The Gold Centre, Ground Floor, Suite G65 Gold Souq, Deira 90320 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

12.03.1997

 

 

Com. Reg. No.:

1006790, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Engaged in the import and distribution of jewellery, precious stones and metals

 

 

No. of Employee :

40

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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, 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                                    : MALABAR GOLD LLC

Also Known As                                     : MALABAR GOLD & DIAMONDS LLC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company - LLC

Registration Date                                  : 12th March 2007

Commercial Registration Number           : 1006790, Dubai

Trade Licence Number                           : 592568

Chamber Membership Number               : 116705

Issued Capital                                       : UAE Dh 1,000,000

Paid up Capital                                     : UAE Dh 1,000,000

Total Workforce                                     : 40

Activities                                               : Distributors of jewellery, precious stones and metals.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdulrasheed Kazih Kattil, Accounts Manager

 

 

 

COMPANY NAME

 

MALABAR GOLD LLC

 

 

ALSO KNOWN AS

 

MALABAR GOLD & DIAMONDS LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : The Gold Centre, Ground Floor, Suite G65

Area                 : Gold Souq, Deira

 

PO Box            : 90320

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2566916 / 2353997 / 3540123

Facsimile          : (971-4) 2566917 / 2353918

Mobile              : (971-50) 9162916

Email                :  malabarg@eim.ae / mgburdubai@malabargroup.com / accmgmdxb@malabargroup.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                                       Description

 

·       MGM Wholesale Outlet                                                                                 Showroom premises

Shop No. F120, 5th Floor

Gold Centre

Gold Souq

Deira

Dubai

Tel: (971-4) 2353997

 

·       Qusais                                                                                                         Showroom premises

Lulu Hypermarket

Dubai

Tel: (971-4) 2988926

 

·       Shop No. B66, Karama Centre                                                                       Showroom premises

Karama

PO Box: 118191

Dubai

Tel: (971-4) 3584916

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                    Position

 

·       Shamlal Madathum Parambath                                  Indian                           Managing Director

 

·       Mohamed Nasir Abdul Raziq Al Marzouqi                   Emirati                          Director

 

·       Abdulrasheed Kazih Kattil                                              -                              Accounts Manager

 

·       Joshy Michael                                                               -                              Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th March 2007

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.   : 1006790, Dubai

 

Trade Licence No.        : 592568

 

Chamber Member No.  : 116705

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                                   Percentage

 

·       Mohamed Nasir Abdul Raziq Al Marzouqi                               51%

 

·       Malabar Jewellery Ltd                                                           40%

Jebel Ali Free Zone

Dubai

 

·       Shamlal Madathum Parambath                                                9%

 

 

AFFILIATED COMPANIES

 

·       Malabar Investment Ltd

Ras Al Khaimah

 

 

OPERATIONS

 

 

Activities: Engaged in the import and distribution of jewellery, precious stones and metals.

 

Import Countries: Europe and the Far East

 

International Suppliers:

 

·       Rathode Jewellery Manufacturing                  India

·       Ashmuk Jewellery                                         India

 

Operating Trend: Steady

 

Subject has a workforce of 40 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/03/13:               Year Ending 31/03/14:

 

Total Sales                                UAE Dh 1,915,000,000               UAE Dh 2,600,000,000

 

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

 

The above figures were provided by Mr Abdulrasheed Kazih Kattil, Accounts Manager

 

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

·       National Bank of Fujairah

PO Box 2979

Dubai

Tel: (971-4) 3971700 / 5078300

Fax: (971-4) 3979100 / 3973922

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.19

UK Pound

1

Rs.100.58

Euro

1

Rs.72.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.