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MIRA INFORM REPORT
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Report No. : |
486866 |
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Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MOGUL GEMS AND
JEWELS DMCC |
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Registered Office : |
23 H Al Mas Tower,
Plot No: JLT-PH1-A0, Jumeirah Lakes Towers, 625842 & 340505, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
13.12.2012 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is
Engaged in the import and export of gems, loose diamonds and Jewellery |
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No. of Employees : |
4 |
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 :
MOGUL GEMS AND JEWELS DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
13th December 2012
DMCC Number :
3619
Trade Licence Number :
32652
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
4
Activities :
Import and export of gems, loose diamonds and jewellery
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Ajay Bhandari, Managing Director
COMPANY
NAME
MOGUL GEMS AND JEWELS DMCC
ADDRESS
Registered & Physical
Address
Building : 23 H Al Mas Tower
Area : Plot No: JLT-PH1-A0, Jumeirah
Lakes Towers
PO Box : 625842 & 340505
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4304907
Facsimile : (971-4) 4305067
Mobile : (971-56) 6949716 / 6473230 /
7971062
Email : mogulgemsdmcc@gmail.com / info@mogulgems.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
·
Ajay
Bhandari Indian Managing
Director
·
Rakhee
Bhandari Indian Director
·
Sudish
Kumar - Accountant
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Neelu
Soliwal - Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 13th
December 2012
Legal Form :
Limited Liability Company
DMCC No. : 3619
Trade Licence No. : 32652
(Expires 12/12/2018)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s)
·
Ajay
Bhandari
·
Rakhee
Bhandari
OPERATIONS
Activities: Engaged in the import and export of gems, loose
diamonds and jewellery.
Import
Countries: Europe and the
Far East
International
Suppliers:
·
Keiran Gems DMCC Dubai
·
Ramp International DMCC Dubai
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Sun View NV Belgium
Subject has a
workforce of 4 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16:
Total sales UAE
Dh 55,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Ajay Bhandari, Managing Director
BANKERS
·
National
Bank of Ras Al Khaimah
PO Box: 1531
Dubai
Tel:
(971-4) 2226291
Fax:
(971-4) 2281312
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Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.97 |
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1 |
INR 88.12 |
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Euro |
1 |
INR 78.34 |
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UAE DH |
1 |
INR 17.37 |
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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VAR |
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Report Prepared
by : |
DNS |
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.