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MIRA INFORM REPORT
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Report No. : |
488233 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AKSHAR IMPEX DMCC |
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Registered Office : |
30K2 AG Tower (Silver
Tower), Plot No: JLT-PH1-I1A, Jumeirah Lakes Towers, P O Box: 625773, Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
01.11.2011 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Import and
Distribution of Diamonds and Jewellery. |
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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 : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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. 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 : AKSHAR
IMPEX DMCC
Country of Origin : Dubai, United
Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 1st
November 2011
DMCC Number : 2889
Trade Licence
Number : 31954
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce :
3
Activities :
Distributors of diamonds and jewellery
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
AKSHAR IMPEX DMCC
ADDRESS
Registered & Physical
Address
Building : 30K2 AG Tower (Silver Tower), Plot
No: JLT-PH1-I1A
Area : Jumeirah Lakes Towers
PO Box : 625773
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4430791 / 4249600
Facsimile : (971-4) 4560312
Mobile : (971-55) 3289575
Email : aksharimpexdmcc@gmail.com
Please note that
subject’s previous address was, 19C, AU Tower, 19th Floor, Jumeirah
Lakes Towers, 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 Position
·
Akshar
Kanstiya Managing
Director
LEGAL
FORM & OWNERS
Date of Establishment : 1st
November 2011
Legal Form :
Limited Liability Company
DMCC No. : 2889
Trade Licence No. : 31954
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s) Percentage
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Rathlin
Ltd 100%
British Virgin Islands
OPERATIONS
Activities: Engaged in the import and distribution of
diamonds and jewellery.
Import Countries: Europe and the Far East
Subject has a
workforce of 3 employees.
FINANCIAL
DATA
Companies
registered in Dubai, 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
·
Middle
East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4) 2220121
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
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.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. 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 63.61 |
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1 |
INR 90.18 |
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Euro |
1 |
INR 78.95 |
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UAE DH |
1 |
INR 17.45 |
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 : |
NIT |
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
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
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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.