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MIRA INFORM REPORT
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Report No. : |
503338 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
H K DMCC |
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Registered Office : |
Almas Tower, 9th Floor, Suite No. 9G, Plot No. JLT-PH1-AO, Jumeirah
Lakes Towers, Sheikh Zayed Road, PO Box 625839, Dubai |
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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 : |
02.04.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of diamonds,
jewellery, stones and precious metals. |
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No. of Employees : |
3 |
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 :
H K DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
2nd April 2012
DMCC Number :
0509
Trade Licence Number :
32177
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
3
Activities :
Distributors of diamonds, jewellery, stones and precious metals
Financial Condition :
Fair
Payments :
Slow but correct
person Interviewed :
Ketan Shanker, General Manager
COMPANY
NAME
H K DMCC
ADDRESS
Registered & Physical
Address
Building : Almas Tower,
9th Floor, Suite No. 9G, Plot No. JLT-PH1-AO, Jumeirah Lakes Towers
Street : Sheikh Zayed
Road
PO Box :
625839
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 5519782
Facsimile : (971-4)
5519794
Mobile : (971-55)
3577088 / (971-56) 3631894
Email : hkdmcc@gmail.com
/ hkdmcc@hk.co
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
Bhagwangi Lunagharia Indian Managing Director
Ketan Shanker - General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 2nd
April 2012, however trading started in October 2014
Legal Form : Limited Liability
Company
DMCC No. : 0509
Trade Licence No. : 32177 (Expires
01/04/2019)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of
Shareholder (s) Percentage
Bhagwangi Lunagharia 100%
OPERATIONS
Activities: Engaged in the import and distribution of diamonds, jewellery, stones
and precious metals.
Import Countries: India
International Suppliers:
Hari Krishna Export Pvt Ltd India
Prime Diam DMCC Dubai
Diamexion DMCC Dubai
Diarough DMCC Dubai
Subject has a workforce of 3 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$
70,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ketan Shanker, General Manager
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 65.45 |
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1 |
INR 93.27 |
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Euro |
1 |
INR 80.74 |
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UAE Dh |
1 |
INR 17.88 |
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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DIV |
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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.