MIRA INFORM REPORT

Report No. :	475160.2
Report Date :	08.11.2017

IDENTIFICATION DETAILS

Name :	FM INTERNATIONAL WATCH AND JEWELLERY LLC
Registered Office :	Emaar Malls, Ground Floor, Shop No. 191, PO Box: 25611, Dubai,
Country :	United Arab Emirates
Date of Incorporation :	01.02.2017
Legal Form :	Limited Liability Company – LLC
Line of Business :	Subject is Engaged in the import and distribution of watches and jewellery
No. of Employees :	8

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

NB

Credit Rating	Explanation	Rating Comments
NB	New Business	No recommendation can be done due to business in infancy stage

Status :	New Business
Payment Behaviour :	Unknown
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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	FM INTERNATIONAL WATCH AND JEWELLERY LLC
2) Registered Address:
Address		:	Emaar Malls, Ground Floor, Shop No. 191
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	25611
Phone (s)		:	(971-4) 2291818 / (91-773) 8388655
Facsimile		:	(971-4) 2353345
Mobile		:	(971-50) 6539624 / 4957133
Email			sanjay@fminternational.net
3) Operational Address & Contact Details:
Address		:	Emaar Malls, Ground Floor, Shop No. 191
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	25611
Phone (s)		:	(971-4) 2291818 / (91-773) 8388655
Facsimile		:	(971-4) 2353345
Mobile		:	(971-50) 6539624 / 4957133
Email			sanjay@fminternational.net
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Limited Liability Company – LLC
Date of Registration		:	1st February 2017
Trade License Number		:	775338
Expiry Date		:	31/01/2018
Notes to the legal Form:
The LLC requires a minimum of two and a maximum of 50 members. The minimum share capital required is UAE Dh 300,000. Shareholders are only liable up to the extent of the value of their shares. This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds. The company is not obliged to publish its accounts. The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits. It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number		:	283872
KEY FACTS
Operational Status		:	Normal
Financial Condition		:	Undetermined
Primary Business Activity		:	Distributors of watches and jewellery
Number of Employees		:	8
Capital		:	UAE Dh 300,000
Note:
Engaged in the import and distribution of watches and jewellery. Subject are exclusive agent for Frank Muller Watches and Jewellery from Geneva.
CAPITAL DETAILS
Issued Capital:
No of Shares			No of Shares		Amount
N/A			N/A		UAE Dh 300,000
Paid Up Capital:
No of Shares			No of Shares		Amount
N/A			N/A		UAE Dh 300,000
FINANCIAL DATA
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
1	Name			Emirates National Bank of Dubai
	Address			Baniyas Street
	PO Box			777 Dubai
	Tel			(971-4) 2222555
	Fax			(971-4) 2221110
SHAREHOLDERS
1	Name			Basim Baser
2	Name			FM International Group DMCC
	Country			Dubai
SENIOR MANAGEMENT
Sr.No	Name			Nationality	Designation
1	Basim Baser			Syrian	Managing Director
2	Sanjay Mishra			_	Country Manager
3	Erol Balayan			_	Global Brand Manager
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Switzerland			Import
PREMISES
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.
PAYMENT
Unknown
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Erol Balayan, Global Brand Manager
During the course of this investigation the following sources were consulted: - Internal database - Journals, directories, media & web searches - Local Registry office - Interview with Erol Balayan, Global Brand Manager, on 06/12/17 Please note that the correct name of the subject is “FM International Watch And Jewellery LLC” and not “FM International Watches And Jewellery LLC”. In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.81
UK Pound	1	INR 85.34
Euro	1	INR 75.23
UAE HD	1	INR 17.39

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	KET

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)

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