|
|
|
MIRA INFORM REPORT
|
Report No. : |
490866 |
|
Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FIRESTAR DIAMOND FZE |
|
|
|
|
Registered Office : |
Plot No. 5EA-513 & 520 Dafza Area PO Box 371361 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
29.10.2009 |
|
|
|
|
Com. Reg. No.: |
DAFZA 608 |
|
|
|
|
Legal Form : |
Free Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of
polished and rough diamonds, precious stones and jewellery. |
|
|
|
|
No. of Employees : |
16 |
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 : |
No Complaints |
|
|
|
|
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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. 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 : FIRESTAR DIAMOND FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 29th October 2009
Commercial Registration Number : DAFZA 608
Trade Licence Number : 1835
Chamber Membership Number : 189905
Issued Capital : UAE Dh 28,000,000
Paid up Capital : UAE Dh 28,000,000
Total Workforce : 16
Activities : Distributors of diamonds, precious stones and jewellery
Financial Condition : Good
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Kurian Mathew, Financial Controller
COMPANY
NAME
FIRESTAR DIAMOND FZE
ADDRESS
Registered &
Physical Address
Location :
Plot No. 5EA-513 & 520
Area :
DAFZA Area
PO Box :
371361
Town :
Dubai
Country :
United Arab Emirates
Telephone :
(971-4) 2980441 / 6091948 / 2364919
Facsimile : (971-4)
6091949
Mobile : (971-56) 6243227 / (971-50)
2415721
Email : kmathews@firestardiamond.com
/ abhijit.pawar@firestardiamond.com
Please note the correct PO Box number is 371361 and not
372362.
Premises
Subject operates from a small suite of offices that are
rented and located in the Dubai Airport Free Zone Area.
Branch Offices
Location Description
· Al Mas
Tower, 41E & 41F Office premises
Jumeirah
Lakes Towers
Dubai
Tel: (971-4) 2384253 / 4238067 /
2415721
Fax: (971-4) 4238068
KEY
PRINCIPALS
Name Nationality Position
· Hemanshu Trevedi - Managing
Director
· Nirav
Deepak Modi Deepak Keshavlal Modi Indian Sales Manager
· Shantendera
Shokala Indian Operations Manager
· Abhijit
Vasant Hari Pawar Indian Accounting Clerk
· Kurian
Mathew Indian Financial Controller
LEGAL
FORM & OWNERS
Date
of Establishment : 29th
October 2009
Legal
Form : Free
Zone Establishment – FZE
Commercial
Reg. No. : DAFZA
608
Trade
Licence No. : 1835
Chamber
Member No. : 189905
Issued Capital : UAE
Dh 28,000,000
Paid up Capital :
UAE Dh 28,000,000
Name of Shareholder (s) Percentage
· Firestar Holdings Limited 100%
1603-04, 16/F Crawford House
70 Queen’s Road Central
Hong Kong
AFFILIATED
COMPANIES
· Firestar
Diamond & Jewellery FZCO
Gold
& Diamonds Park
Dubai
OPERATIONS
Activities: Engaged in the import and distribution
of polished and rough diamonds, precious stones and jewellery.
Import Countries: Belgium, India and Hong Kong
International
Suppliers:
· Ura Gems Hong
Kong
· Diamgem FZC Sharjah
· Pacific Diamond FZE Ajman
· Firestar International Pvt Ltd India
· Firestar Diamond BVBA Belgium
Operating Trend: Steady
Subject has a workforce of 16 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United States Dollars (US$)
Year
Ending 31/03/15: Year Ending
31/03/16: Year Ending
31/03/17:
Total Sales US$
388,604,000 US$
474,474,855 US$
521,041,358
Local sources consider subject’s financial condition to be
Good.
The above figures were provided by Mr Kurian Mathew,
Financial Controller
BANKERS
·
HSBC Bank Middle East
5
Emaar
Sheikh
Zayed Road
Dubai
·
Bank of Baroda
Bur
Dubai
Dubai
·
Abu Dhabi Commercial Bank
Deira
Dubai
·
Punjab National Bank
DIFC
Dubai
·
State Bank of Bahrain
Manama
Bahrain
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.
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 64.27 |
|
|
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
|
UAE DH |
1 |
INR 17.49 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.