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MIRA INFORM REPORT
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Report No. : |
487230 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FUTURE GEMS DMCC |
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Registered Office : |
Unit No. 4/C-01, Al Mas Tower, Plot No. LT-2, Jumeirah
Lakes Towers, Sheikh Zayed Road, PO Box 72441 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.02.2005 |
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Com. Reg. No.: |
0117 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged as importers and traders of diamonds
and jewellery. |
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No. of Employees : |
1 |
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 (30.06.2017) |
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 : FUTURE GEMS DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Sole Proprietorship
Registration Date : 1st February 2005
Commercial Registration Number : 0117
Trade Licence Number : 30132
DMCC Membership Number : 0120
Invested Capital : UAE Dh 60,000
Total Workforce : 1
Activities : Importers and traders of diamonds and jewellery
Financial Condition : Undetermined
Payments : Slow but Correct
COMPANY
NAME
FUTURE GEMS DMCC
ADDRESS
Registered &
Physical Address
Location :
Unit No. 4/C-01, Al Mas Tower, Plot No. LT-2, Jumeirah Lakes Towers
Street :
Sheikh Zayed Road
PO Box :
72441
Town :
Dubai
Country : United Arab
Emirates
Telephone : (971-4)
3325657 / 3312348 / 4541668
Facsimile :
(971-4) 3325667 / 3327418 / 4541669
Mobile :
(971-50) 5682618
Email : weta@calculcus.ae
/ futur_uae@yahoo.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
· Jayeshkumar
Navinchandra Shah Indian Proprietor
& General Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 1st
February 2005
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. : 0117
Trade Licence No. : 30132
DMCC Member No. : 0120
Invested Capital : UAE
Dh 60,000
Mr Jayeshkumar Navinchandra Shah is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged as importers and traders of
diamonds and jewellery.
Subject has a workforce of 1 employee.
FINANCIAL
DATA
Companies registered in Dubai are not legally required to
make their accounts public and no financial information was released by the
company or submitted by outside sources.
BANKERS
·
Mashreq Bank Plc
Deira
Branch
PO
Box: 1250
Dubai
Tel:
(971-4) 2229131 / 2221134
Fax:
(971-4) 2233784
PAYMENT
HISTORY
Slow but Correct
GENERAL
COMMENTS
Please note that the contact numbers listed above locate “KS
A Shah & Associates” who are the registered agents of the subject.
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 business 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 63.84 |
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1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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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 : |
TPT |
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.