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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

498796.2

Report Date :

14.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ARFINA TRADING DMCC

 

 

Registered Office :

4G, Almas Tower, Plot No: JLT-PH1-A0, Jumeirah Lakes Towers PO Box 625846 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

17.10.2011

 

 

Com. Reg. No.:

2817

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the import and distribution of jewellery, diamonds and other precious stones.

 

 

No. of Employees :

4

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : ARFINA TRADING DMCC

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Limited Liability Company

Registration Date                                  : 17th October 2011

Commercial Registration Number           : 2817

Trade Licence Number                           : 31888

Issued Capital                                       : UAE Dh 200,000

Paid up Capital                                     : UAE Dh 200,000

Total Workforce                                                : 4

Activities                                               : Distributors of jewellery, diamonds and other precious stones

Financial Condition                                : Fair

Payments                                             : Slow but correct

Person Interviewed                                : Vasant Shantilal Mehta, Managing Director

 

 

 

COMPANY NAME

 

ARFINA TRADING DMCC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 4G, Almas Tower, Plot No: JLT-PH1-A0, Jumeirah Lakes Towers

 

PO Box                        : 625846

 

Town                : Dubai

Country : United Arab Emirates

 

Telephone         : (971-4) 2775869

Facsimile          : (971-4) 2775870

Mobile              : (971-55) 3216521

Email                : info@arfinatrading.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

 

·       Vasant Shantilal Mehta                     Indian                                       Managing Director

 

Mr Vasant Shantilal Mehta was ex-chairman of the Gems & Jewellery Export Promotion Council. He was also a committee member for 25 years. In addition he was ex-honorary chairman of ECGC, appointed and by the Ministry of Commerce.

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th October 2011

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2817

 

Trade Licence No.        : 31888 (Expires 16/10/2018)

 

Issued Capital              : UAE Dh 200,000

 

Paid up Capital            : UAE Dh 200,000

 

Name of Shareholder (s)                                            Percentage

 

·       Vasant Shantilal Mehta                                                          100%

 

 

OPERATIONS

 

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

 

Import Countries: India and the United States of America

 

International Suppliers:

 

·       Kieran Jewellery                    United States of America

·       Kieran Gems                        India

·       Rosy Blue                            India

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                            Year Ending 31/12/17:

 

Total Sales                                            US$ 40,000,000

 

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

 

The above figures were provided by Mr Vasant Shantilal Mehta, Managing Director

 

 

BANKERS

 

·       National Bank of Ras Al Khaimah

Dubai Diamond Marina Branch

     Dubai

     Tel: (971-4) 2226291

     Fax: (971-4) 2281312

     Acc No. 0342218860002

 

·       ABN Amro Bank

15 D Almas Tower

Dubai Multi Commodity Center

Jumeirah Lakes Towers

Dubai

     Tel: (971-4) 4409543

     Fax: (971-4) 4358016

     Acc No. 307719600002020

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.22

UK Pound

1

INR 92.77

Euro

1

INR 80.34

UAE DH

1

INR 17.75

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

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.