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MIRA INFORM REPORT
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Report No. : |
492056 |
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Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
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Name : |
PRIME DIAM DMCC |
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Registered Office : |
Unit No.
30-01-24, Plot No DMCC PH2, J&G Plexs, Jewellery & Complex 3, P O Box:
62176 & 336186, 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 : |
24.09.2012 |
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Com. Reg. No.: |
3542 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Traders of
Diamonds and Diamond 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 : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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. 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 : PRIME DIAM
DMCC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Sole Proprietorship
Registration Date : 24th
September 2012
Commercial
Registration Number : 3542
DMCC Licence Number : 32522
Invested Capital : UAE Dh
200,000
Total Workforce :
3
Activities :
Traders of diamonds and diamond jewellery
Financial Condition : Fair
Payments :
Slow but correct
Operating Trend : Steady
Person Interviewed : Naresh Kumar, Administration
Executive
COMPANY
NAME
PRIME DIAM DMCC
ADDRESS
Registered & Physical
Address
Location : Unit No. 30-01-24, Plot No DMCC
PH2, J&G Plexs, Jewellery & Complex 3
PO Box : 62176 & 336186
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4277200
Facsimile : (971-4) 4277201
Mobile : (971-50) 9908780 / 2507830
Email : primediamdmcc@hotmail.com
Please note that
subject’s previous address was, Unit No. 2 H-08-146, 8th Floor,
Building No. 2, Plot No. 550-554 J & G DMCC, Dubai. Please note that the
correct Unit No. is 30-01-24 and not 3Q-01-24.
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
·
Sagar
Kirit Shah Indian Proprietor
·
Naresh Kumar - Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 24th
September 2012
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 3542
DMCC Licence No. : 32522
(Expires 23/09/2018)
Invested Capital
: UAE Dh 200,000
Mr Sagar Kirit Shah
is the sole proprietor of the business.
OPERATIONS
Activities: Engaged as traders of diamonds and diamond
jewellery.
Import
Countries: Europe and the
Far East
Local Suppliers:
·
Diarush DMCC Dubai
·
Hushi Gems DMCC Dubai
·
Disqua International DMCC Dubai
Operating Trend: Steady
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 31/12/16: Year Ending 31/12/17:
Total Sales UAE Dh 32,000,000 UAE Dh 33,700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Dubai
Tel:
(971-4) 2226291
Fax: (971-4) 2281312
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.91 |
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1 |
INR 90.31 |
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Euro |
1 |
INR 80.71 |
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UAE Dh |
1 |
INR 17.65 |
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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VIV |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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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.