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MIRA INFORM REPORT
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Report No. : |
515324 |
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Report Date : |
22.06.2018 |
IDENTIFICATION DETAILS
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Name : |
HAMMER FZE |
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Registered Office : |
Dubai
Airport Free Zone (DAFZA) PO Box: 54714 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.08.2005 |
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Com. Reg. No.: |
773 |
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Legal Form : |
Free Zone
Establishment |
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Line of Business : |
Subject was engaged in trading
as importers and wholesalers of jewellery products. |
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No. of Employees : |
11 (when in operations) (01.2017 ) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Ceased Trading |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 (31.12.2017) |
Current Rating (01.04.2018) |
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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, 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.
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Source
: CIA |
BRIEF
SUMMARY
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COMPANY
NAME |
HAMMER
FZE |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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Building
No. 6EA, Office 127 |
Al Quds
Street |
Dubai
Airport Free Zone (DAFZA) |
54714 Dubai |
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TEL/FAX |
Verified
Phones: (+971 4) 204 5640 / Fax: (+971 4) 204 5639 |
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EMAIL/WEBSITE |
Email: sales@jehammer.com
/ Website: www.jehammer.com (currently not active) |
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ACTIVITY |
NACE
4690 - Non-specialised wholesale trade; |
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PRINCIPAL |
Majid Algouneh |
Workforce |
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Managing
Director |
11 (when
in operations) |
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LEGAL
INFO |
Date Of
Est. |
Reg. No. |
Legal
Form |
Status |
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01/08/2005 |
773 |
Free Zone
Establishment |
Ceased
Trading |
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IDENTIFICATION
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CO. NAME |
HAMMER FZE |
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BUILDING |
Building No. 6EA, Office 127 |
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STREET |
Al Quds Street |
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AREA |
Dubai Airport Free Zone (DAFZA) |
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POSTAL ADDRESS |
54714 Dubai |
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CITY |
Dubai |
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COUNTRY |
United
Arab Emirates |
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TELEPHONE |
(+971 4) 204
5640 / (+971 4) 235 4427 / Mobile (+971 50) 535 7675 |
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FAX |
(+971
4) 204 5639 |
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VERIFIED EMAIL |
sales@jehammer.com |
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WEBSITE |
www.jehammer.com (currently not
active) |
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Sun-Thu |
09:00-18:30
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13:00-14:00
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REGISTERED ADDRESS |
Dubai Airport Free Zone (DAFZA) PO Box: 54714 Dubai |
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FORMER ADDRESS |
Subject previously was located at: Building No. 4, Office 632 Block A, East Wing Al Quds Street Dubai Airport Free Zone (DAFZA) Dubai |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
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Majid Algouneh |
Managing Director |
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Samir Sanghvi |
Chief Accountant |
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WORKFORCE |
NO. OF EMPLOYEES |
PERIOD |
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11 (when
in operations) |
01.2017 |
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FINANCIAL
SUMMARY
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NOTES |
As the Company has ceased trading,
relevant financial information is not available. |
LEGAL
STATUS
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INCORPORATION |
01/08/2005
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REGISTRATION NO. |
C.R. NUMBER |
ISSUED BY |
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Trade License No.: 773 (expiry
date: 31/07/2018, according to the interviewee, subject does not plan to
renew its license). |
Dubai Airport Free Zone (DAFZA) |
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CAPITAL |
Not given |
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BUSINESS HISTORY |
The
Company was incorporated in Dubai
Airport Free Zone on 1 August 2005
and ceased its trading activities in 2017. |
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LEGAL FORM |
Free Zone
Establishment |
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STATUS |
Ceased
Trading |
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SOLE SHAREHOLDER |
NAME |
PERCENTAGE |
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Undisclosed
BVI (British Virgin Islands) registered legal entity *
According to Law No.2, 1996 governing the establishment of companies at Dubai
Airport Free Zone, a company incorporated in DAFZA shall be registered as one
of the following: branch of the
company registered in UAE or branch of the company incorporated outside UAE;
FZE (a limited liability establishment incorporated in DAFZA, owned by one
natural or juridical person with a distinct legal entity and independent
financial liability. Min. capital of Dh 1,000,000); FZCO (A limited liability
company incorporated in DAFZA, by more than one shareholder, with a distinct
legal entity and independent financial liability Min. of 2 and Max. of 5
shareholders required for FZCO. The amount of share invested must be a min.
of Dh 500,000 or multiples in hundred-thousand thereof. |
100.00% |
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OPERATION
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BANKERS |
Emirates NBD Bank (Fmly Emirates
Bank International) Baniyas Square PO Box: 2923 Dubai Telephone: (+971 4) 228 3101 Fax : (+971 4) 222 6773 |
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ACTIVITY CODE (NACE) |
4690 - Non-specialised wholesale
trade; |
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LINE OF BUSINESS |
Subject
was engaged in trading as importers and wholesalers of jewellery
products. |
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IMPORT FROM |
Details of
subject’s imports could not be learnt. |
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EXPORT TO |
Details of
subject’s exports could not be learnt. |
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FACILITIES |
Leased
premises comprising administrative offices located at the heading
address. |
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RELATED COMPANIES |
Associates 1. Hammer Jewellery
(L.L.C) Dubai Est.: 22/11/2006 Trade License No.: 588322 (expiry date:
21/11/2018 / according
to the interviewee,
the above company does not plans to renew its
license)
Status: Ceased trading 2. ASPIRE DMCC
Unit No: 3O-01-2127
Jewellery & Gemplex 3
Plot No: DMCC-PH2-J&GPlexS
Jewellery & Gemplex
Dubai
United Arab Emirates
Telephone: (+971 4) 858 4569 (currently out of
service)
Email : mshah@jehammer.com 3. J.E. Hammer & Sohne Group
GmbH
Germany |
SPECIAL
REMARKS
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INTERVIEWED |
Samir Sanghvi (Chief Accountant). |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.20 |
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UK Pound |
1 |
INR 89.58 |
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Euro |
1 |
INR 78.79 |
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UAE DH |
1 |
INR 18.47 |
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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PRI |
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Report Prepared
by : |
POJ |
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.