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MIRA INFORM REPORT
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Report No. : |
490735 |
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Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
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Name : |
KHUSHI
GEMS DMCC |
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Registered Office : |
Unit No. 28-G, Almas Tower, Plot No. LT2, Jumeirah Lakes Towers, PO
Box 625817, 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 : |
04.06.2012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject in Engaged in the 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 : KHUSHI
GEMS DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 4th
June 2012
DMCC Number : 32296
Chamber Membership
Number : 3278
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
3
Activities :
Distributors of diamonds and jewellery
Financial Condition : Fair
Payments : No Complaints
Person Interviewed : Chetaij Acharya,
Financial Controller
COMPANY
NAME
KHUSHI GEMS DMCC
ADDRESS
Registered
& Physical Address
Location : Unit No. 28-G, Almas Tower, Plot
No. LT2, Jumeirah Lakes Towers
PO
Box : 625817
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4412472
Facsimile : (971-4) 4412472
Mobile : (971-52) 9777786 / 9427619 /
(971-56) 1135795
Email : sarjuparikh@hotmail.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
Sarju
Parikh Indian Managing
Director
Aditya
Manesh - Sales
Manager
Violetta
Akina - Administration
Executive
Chetaij Acharya - Financial
Controller
LEGAL
FORM & OWNERS
Date
of Establishment : 4th June 2012
Legal
Form : Limited Liability Company
DMCC
No. : 32296 (Expires 03/06/2018)
Chamber
Member No. : 3278
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name
of Shareholder (s) Percentage
Sarju
Parikh 100%
OPERATIONS
Activities: Engaged in the import and
distribution of diamonds and jewellery.
Import
Countries:
Europe and the Far East
International Suppliers:
SIM Gems HK Hong
Kong
OXY Rose 288CC South Africa
D A Trading DMCC Dubai
Subject
has a workforce of 3 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/17:
Total
sales UAE
Dh 70,000,000
Local
sources consider subject’s financial condition to be Fair.
The
above figures were provided by Mr Chetaij Acharya, Financial
Controller
BANKERS
Emirates
National Bank of Dubai
Baniyas
Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
Acc
No. 1024577070802
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please
note that the correct name of the subject is “Khushi Gems DMCC” and not “Kushi
Gems DMCC”.
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 64.28 |
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1 |
INR 89.02 |
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Euro |
1 |
INR 78.93 |
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UAE DH |
1 |
INR 17.50 |
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 : |
KET |
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.