MIRA INFORM REPORT

Report No. :	512250
Report Date :	01.06.2018

IDENTIFICATION DETAILS

Name :	PRECIOUS FINE JEWELLERY (FZE)
Registered Office :	Saif Desk, Q-1-06-109/A Sharjah Airport International Free Zone (SAIF Zone) Sharjah 9560 Sharjah
Country :	United Arab Emirates
Financials (as on) :	31.03.2018
Date of Incorporation :	08.06.2015
Com. Reg. No.:	15464
Legal Form :	Free Zone Establishment
Line of Business :	Trading as importers and wholesalers of rough and polished diamonds.
No. of Employees :	3 (05.2018)

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Good
Payment Behaviour :	No Complaints
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 (30.09.2017)	Current Rating (31.12.2017)
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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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

BRIEF SUMMARY
COMPANY NAME	Precious Fine Jewellery (FZE)
ADDRESS	Building	Area			City			PO Box
	Saif Desk, Q-1-06-109/A	Sharjah Airport International Free Zone (SAIF Zone)			Sharjah			9560 Sharjah
TEL/FAX	Verified Phones: (+971 4) 243 2274 / (+971 55) 101 9450 / Fax: (+971 4) 243 2274
EMAIL/WEBSITE	Email: preciousfinej@gmail.com / Website: N/A
ACTIVITY	NACE 4648 - Wholesale of watches and jewellery;
PRINCIPAL	Neeraj Kumar Jain					Workforce
	General Manager / Owner					3
LEGAL INFO	Date Of Est.		Reg. No.	Legal Form			Status
	08/06/2015		15464	Free Zone Establishment			Active
CAPITAL	CURRENCY			AMOUNT
	AED			150,000

IDENTIFICATION
CO. NAME	Precious Fine Jewellery (FZE)
BUILDING	Saif Desk, Q-1-06-109/A
STREET	Sharjah Airport International Free Zone (SAIF Zone)
AREA	Sharjah
POSTAL ADDRESS	9560 Sharjah
CITY	Sharjah
COUNTRY	United Arab Emirates
TELEPHONE	(+971 4) 243 2274 / (+971 55) 101 9450
FAX	(+971 4) 243 2274
VERIFIED EMAIL	preciousfinej@gmail.com
BUSINESS HOURS	DAYS	OFFICE HOURS	BREAK TIME
	Sun-Thu	10:00-17:00	13:30-14:00
REGISTERED ADDRESS	Saif Desk, Q-1-06-109/A, Sharjah Airport International Free Zone (SAIF Zone), PO Box: 9560, Sharjah, United Arab Emirates
ADDITIONAL OFFICE	Souq No. 206, Al Dhagaya Building, Deira, PO Box 119036, Dubai, United Arab Emirates

SENIOR PERSONNEL
MANAGEMENT	NAME	POSITION
	Neeraj Kumar Jain	General Manager / Owner
	Bharat Jor	Admin & Finance Manager
WORKFORCE	NO. OF EMPLOYEES	PERIOD
	3	05.2018

FINANCIAL SUMMARY
REVENUE	31/03/2018	31/03/2019 (Projected)
	USD 30,000,000	USD 30,000,000
NET PROFIT / (LOSS)	Not given but stated to be profitable
FISCAL YEAR-END	31 March.

LEGAL STATUS
INCORPORATION	08/06/2015
REGISTRATION NO.	C.R. NUMBER	ISSUED BY
	Trade License No.: 15464 (expiry date: 07/06/2019)	Sharjah Airport International Free Zone (SAIF Zone)
AUTHORISED CAPITAL	AMOUNT	CURRENCY
	150,000	AED
PAID-UP CAPITAL	AMOUNT	CURRENCY
	150,000	AED
BUSINESS HISTORY	The Company was incorporated in Sharjah Airport International Free Zone on 8 June 2015, however its origins of business activities can be traced back to 2010.
LEGAL FORM	Free Zone Establishment
STATUS	Active
OWNER	NAME	PERCENTAGE
	Neeraj Kumar Jain Nationality: Indian * According to Sharjah Airport International Free Zone (SAIF-Zone), established in 1995, a legally capable person natural or juridical can register a Free Zone Establishment (FZE) which must have only one owner (shareholder). To operate from within the SAIF-Zone, a Free Zone Company (FZC) has to be incorporated with two or more legally capable persons natural or juridical. In normal cases the maximum number of shareholders is up to 5 and if approved by the SAIF-Zone management the maximum number of shareholders can go up to 7 shareholders. The minimum amount of capital required for both FZEs and FZCs is Dh 150,000 /- or its equivalent in US Dollars. Liability shall be limited to the FZE's share capital.	100.00%

OPERATION
BANKERS	National Bank of Ras Al Khaimah (P.J.S.C) (aka RAK BANK ) Al Qusais Branch Dubai Residential Oasis, Damascus Rd. Dubai UAE Telephone: (+971 4) 213 0000
ACTIVITY CODE (NACE)	4648 - Wholesale of watches and jewellery;
LINE OF BUSINESS	Trading as importers and wholesalers of rough and polished diamonds. Subject closely cooperates with: Classic Diam Middle East DMCC PO Box: 119036 Dubai United Arab Emirates
IMPORT FROM	African countries, mainly from Botswana as well as from Belgium.
EXPORT TO	India and Hong Kong.
FACILITIES	Leased office premises located at the heading address as well as additional offices located in Dubai, Souq No. 206, Al Dhagaya Building, Deira, PO Box 119036, Dubai, United Arab Emirates.

PAYMENT
FINANCIAL STRENGTH	Normal
EMPLOYEE RANGE	ER8

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 67.45
UK Pound	1	INR 89.79
Euro	1	INR 78.79
UAE DH	1	INR 18.28

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

INFORMATION DETAILS

Analysis Done by :	VAR
Report Prepared by :	POJ

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.