MIRA INFORM REPORT

 

 

Report No. :

344165

Report Date :

09.10.2015

 

IDENTIFICATION DETAILS

 

Name :

AL AMAL GEMS DMCC

 

 

Registered Office :

Almas Tower, Unit 4-B, Plot LT-2, Sheikh Zayed Road, Jumeirah Lakes Towers, PO Box 64627, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

29.08.2012

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of diamonds, jewellery and precious stones.

 

 

No. of Employees :

01

 

 

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

SUMMARY

 

Company Name                                    : AL AMAL GEMS DMCC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company

Registration Date                                  : 29th August 2012

DMCC Number                                      : 32453

Trade Licence Number                           : 3512

Issued Capital                                       : UAE Dh 100,000

Paid up Capital                                     : UAE Dh 100,000

Total Workforce                         : 1

Activities                                               : Distributors of diamonds, jewellery and precious stones

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Kumar Karshabhai Norala Bharat, Managing Director

 

 

COMPANY NAME

 

AL AMAL GEMS DMCC

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Almas Tower, Unit 4-B, Plot LT-2

Street               : Sheikh Zayed Road

Area                 : Jumeirah Lakes Towers

PO Box                        : 64627

Town                : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 4486617

Facsimile          : (971-4) 4416524

Mobile              : (971-55) 7186201 / 7186200

Email                : narola@naroladiamond.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                                                               Nationality                                Position

 

Kumar Karshabhai Norala Bharat                        Indian                                       Managing Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th August 2012

 

Legal Form                  : Limited Liability Company

 

DMCC No.                    : 32453

 

Trade Licence No.        : 3512 (Expires 28/08/2016)

 

Issued Capital              : UAE Dh 100,000

 

Paid up Capital            : UAE Dh 100,000

 

Name of Shareholder (s)                                                       Percentage

 

Kumar Karshabhai Norala Bharat                                                100%

 

 

AFFILIATED COMPANIES

 

Al Amal Oasis Jewellery Trading LLC

Nasser Al Sarkal Building, M-7

PO Box: 64627

Deira

Dubai

Tel: (971-4) 2258727

Fax: (971-4) 2258729

 

Al Kamal Gem & Jewellery LLC

102 Al Daghaya

Old Gold Souq

Deira

Dubai

Tel: (971-4) 2351060

 

Narola Diamonds Inc

New York

United States of America

 

B Arpan Gems

810 Raj Hans Tower

Mini Bazar

Surat Gujarat

India

Tel: (91-98) 98093404

 

 

OPERATIONS

 

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

 

Import Countries: Europe and India.

 

International Suppliers:

 

Shree Rama Krishna Export                   India

Lakshimi Diamonds Export Pvt Ltd        India

 

Operating Trend: Steady

 

Subject has a workforce of 1 employee.

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$ 50,000,000             US$ 52,250,000

 

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

 

The above figures were provided by Mr Kumar Karshabhai Norala Bharat, Managing Director

 

 

BANKERS

 

National Bank of Ras Al Khaimah

PO Box: 1531

Dubai

Tel: (971-4) 2226291

Fax: (971-4) 2281312

Acc No. 0342089399002

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.16

UK Pound

1

Rs.99.78

Euro

1

Rs.73.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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.