MIRA INFORM REPORT

 

 

Report No. :

505301

Report Date :

26.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

GEM GENERAL TRADING FZE

 

 

Registered Office :

Hamriyah Free Zone, P O Box: 50851, Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

21.11.2008

 

 

Legal Form :

Free Zone Establishment - FZE

 

 

Line of Business :

Import and Distribution of Gold Ornaments and Ceramics.

 

 

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 :

Satisfactory

 

 

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                         : GEM GENERAL TRADING FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 21st November 2008

Trade Licence Number                            : 4586

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 4

Activities                                               : Distributors of gold ornaments and ceramics

Financial Condition                                 : Undetermined

Payments                                             : Slow but correct

 

 

 

COMPANY NAME

 

GEM GENERAL TRADING FZE

 

 

ADDRESS

 

Registered Address

 

Location            : Hamriyah Free Zone

 

PO Box             : 50851

 

Town                 : Sharjah

Country             : United Arab Emirates

 

Physical Address

 

Building             : NBQ Bank Building, 5th Floor

Street               : Bank Street

Area                 : Bur Dubai

 

PO Box             : 7551

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3963455

Mobile               : (971-50) 4691452

Email                : gemgeneraltrading@gmail.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

 

·       Chaganlal Rawal                                  Indian                                     Managing Director

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 21st November 2008

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 4586

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                              Percentage

 

·       Chaganlal Rawal                                           100%

 

 

AFFILIATED COMPANIES

 

·       Panache Jewels LLC

Dubai

Lice No. 712194

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of gold ornaments and ceramics.

 

Import Countries: Europe and India

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Companies registered in Sharjah, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Bank of Ras Al Khaimah

     PO Box: 1531

     Dubai

     Tel: (971-4) 2226291

     Fax: (971-4) 2281312

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

 

 

PAYMENT HISTORY

 

Subject’s payments have been reported to be 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 66.70

UK Pound

1

INR 93.14

Euro

1

INR 81.43

UAE Dh

1

INR 18.19

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

 

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)

 

 

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