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MIRA INFORM REPORT
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Report No. : |
502438 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN JEWELLERY FZE |
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Registered Office : |
EOCE 1390, Ajman Free Zone, Ajman |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
30.06.2009 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Subject is engaged in the import and distribution of diamonds, diamond
jewellery and precious metals. |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March
2014.
The UAE’s dependence on oil is a significant long-term challenge,
although the UAE is one of the most diversified countries in the Gulf
Cooperation Council. Low oil prices have prompted the UAE to cut expenditures,
including on some social programs, but the UAE has sufficient assets in its
sovereign investment funds to cover its deficits. The government reduced fuel
subsidies in August 2015, and has announced plans to introduce excise and
value-added taxes by January 1, 2018. The UAE's strategic plan for the next few
years focuses on economic diversification, promoting the UAE as a global trade
and tourism hub, developing industry, and creating more job opportunities for
nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name :
ARABIAN JEWELLERY FZE
Country of Origin :
Ajman, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
30th June 2009
Trade Licence Number :
4854
Issued Capital :
UAE Dh 350,000
Paid up Capital :
UAE Dh 350,000
Total Workforce :
4
Activities :
Distributors of diamonds, diamond jewellery and precious metals
Financial Condition :
Fair
Payments :
Slow but Correct
Person Interviewed :
Hashmouk Chohan, Managing Director
COMPANY
NAME
ARABIAN JEWELLERY FZE
ADDRESS
Registered Address
Location : EOCE 1390,
Ajman Free Zone
Town : Ajman
Country : United Arab Emirates
Physical Address
Building : 127 Gold Land
Building
Area : Gold Souq,
Deira
PO Box :
64362
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2354408
/ 2354401
Facsimile : (971-4)
2354402
Mobile : (971-50) 7546612
/ 3767531 / (971-55) 5586480
Email : arabianjewellery@gmail.com
Please note that subject’s previous address was, 126 Gold Land Building,
Gold Souq, Deira, Dubai.
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
Hashmouk Chohan Indian Managing Director
Nikonj Josalia - Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 30th
June 2009
Legal Form : Free Zone
Establishment – FZE
Trade Licence No. : 4854
Issued Capital : UAE Dh 350,000
Paid up Capital : UAE Dh 350,000
Name of
Shareholder (s) Percentage
Hashmouk Chohan 100%
OPERATIONS
Activities: Engaged in the import and distribution of diamonds, diamond jewellery
and precious metals.
Import Countries: Belgium and India
Principal
Suppliers:
Rhythm Diamonds DMCC Dubai
Dharm Diam Belgium
Neel Impex India
Kieran Gems Pvt Ltd India
Sim Diam Pvt Ltd India
Subject has a workforce of 4 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total Sales UAE
Dh 60,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Hashmouk Chohan, Managing Director
BANKERS
National Bank of Ras Al Khaimah
PO Box: 1531
Dubai
Tel: (971-4) 2226291
Fax: (971-4) 2281312
PAYMENT
HISTORY
Slow but correct
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
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
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Indian Rupees |
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US Dollar |
1 |
INR 65.13 |
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1 |
INR 92.52 |
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Euro |
1 |
INR 80.59 |
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UAE Dh |
1 |
INR 17.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.