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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

515285

Report Date :

22.06.2018

 

IDENTIFICATION DETAILS

 

Name :

L K DIAM DMCC

 

 

Registered Office :

Unit No: 3O-01-1007, Jewellery & Gemplex 3, Plot No: DMCC-PH2-J&G PLEXS

Jumeirah Lakes Towers Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.05.2018 (Quarterly)

 

 

Date of Incorporation :

18.05.2016

 

 

Legal Form :

DMCC Free Zone - Limited Liability Company

 

 

Line of Business :

Trading as importers, re-exporters and wholesalers of jewellery products and polished diamonds.

 

 

No. of Employees :

4 

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

(31.12.2017)

Current Rating

(01.04.2018)

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

L K DIAM DMCC

 

ADDRESS

Building

Street

Area

PO Box

Unit No: 3O-01-1007, Jewellery & Gemplex 3

Plot No: DMCC-PH2-J&G PLEXS

Jumeirah Lakes Towers, Dubai 

Subject does not use Postal Address

PHONE  

Verified Phones: (+971 58) 890 5580   

EMAIL/WEBSITE

Email: lkdiamdmcc@hotmail.com / Website: N/A 

ACTIVITY

NACE 4648 - Wholesale of watches and jewellery; 

PRINCIPAL 

Abhishek Sanghvi

Workforce 

Managing Director 

4  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

18/05/2016

DMCC-198182

DMCC Free Zone - Limited Liability Company

Active

CAPITAL

CURRENCY

AMOUNT

AED 

100,000  

  

           

IDENTIFICATION

 

CO. NAME

L K DIAM DMCC

BUILDING

Unit No: 3O-01-1007, Jewellery & Gemplex 3

STREET

Plot No: DMCC-PH2-J&G PLEXS

AREA

Jumeirah Lakes Towers  

POSTAL ADDRESS

Subject currently does not use Postal Address

CITY

Dubai

COUNTRY

United Arab Emirates

PHONE 

(+971 58) 890 5580 (Kamlesh Nagarbrahmin) / (+91 90) 9952 4784 (Kamlesh Nagarbrahmin)

VERIFIED EMAIL

lkdiamdmcc@hotmail.com / kamleshjaykaygh@gmail.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

10:00-18:00

14:00-15:00

REGISTERED ADDRESS

Unit No: 3O-01-1007, Jewellery & Gemplex 3

Plot No: DMCC-PH2-J&G PLEXS

Jumeirah Lakes Towers  

Dubai

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Abhishek Sanghvi

Managing Director 

 

Kamlesh Nagarbrahmin

 

Finance Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

4 

06.2018

 

 

FINANCIAL SUMMARY

 

TURNOVER   

31/12/2017

31/12/2018 (Projected)

USD 26,200,000

USD 36,000,000

NET PROFIT / (LOSS)   

31/12/2017  

31/05/2018 (Quarterly)

USD  1,000,000

USD    400,000

TURNOVER (QUARTERLY)    

USD 14,000,000 – 2018 *

 

* 5 months results (January – May).

FISCAL YEAR-END 

31 December. 

 

 

LEGAL STATUS

 

INCORPORATION

18/05/2016

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: DMCC-198182 (expiry date: 29/05/2019)

Dubai Multi Commodities Centre

OTHER REGISTRATION NO.     

Registration No.: DMCC58736

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

100,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

100,000

AED

BUSINESS HISTORY

The Company was incorporated in Dubai Multi Commodities Centre on 18 May 2016.   

LEGAL FORM     

DMCC Free Zone - Limited Liability Company

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Abhishek Sanghvi

   Nationality: Indian

 

2. Adesh Sanghvi

   Nationality: Indian

 

* Dubai Multi Commodities Centre (DMCC) is a free zone authority offering 100% business ownership, a guaranteed 50 year tax holiday and freehold property options. Entities licensed by DMCC (Free Zone Establishment or Free Zone Companies / LLC) are not required to have a local sponsor.

 

DMCC is a strategic initiative of the Dubai government created to

establish a commodity market place in Dubai. It provides industry

specific market infrastructure and a range of facilities for the gold

& precious metals, diamonds & coloured stones, energy and other

commodities industries.

50.00%

 

 

50.00%    

 

 

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, re-exporters and wholesalers of jewellery products and polished diamonds.

IMPORT FROM

Belgium, India, Hong Kong and Russia.

EXPORT TO 

Belgium, India and Hong Kong.

FACILITIES

Leased premises comprising administrative offices located at the heading address as well as overseas representative office located in Hong Kong. 

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Kamlesh Nagarbrahmin (Finance Manager).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.20

UK Pound

1

INR 89.58

Euro

1

INR 78.79

AED

1

INR 18.44

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

SDA

                                                


 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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