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MIRA INFORM REPORT
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Report No. : |
508148 |
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Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
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Name : |
MV INTERNATIONAL DMCC
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Formerly Known As : |
SEJAL GEMS INTERNATIONAL
DMCC |
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Registered Office : |
Unit No: 2H-05-261, Jewellery &
Gemplex 2 Plot No: DMCC-PH2-J&GPlexS, Dubai, |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
DMCC-30432 |
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Legal Form : |
DMCC Free Zone - Limited Liability Company |
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Line of Business : |
Retail sale of watches and jewellery in specialised
stores; |
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No. of Employees : |
3 |
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 : |
Unknown |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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, 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 |
SUMMARY
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COMPANY NAME |
MV International DMCC |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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MZ-2, Obaidullah bldg |
Al Khor Street |
Deira, Gold Souq, Next to Gold Land |
57681 Dubai |
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TEL/FAX |
Verified Phones: (+971 4) 235 4250 /
(+971 55)
882 4712 / Fax: (+971 4) 235 4251 |
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EMAIL |
Email: dubai@sejalgems.in / mvintdmcc@gmail.com |
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ACTIVITY |
NACE 4777 - Retail sale of watches and jewellery in specialised
stores; |
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PRINCIPAL |
Mehul Shah |
Workforce |
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Managing Director |
3 |
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LEGAL INFO |
Date Of Est. |
Reg. No. |
Legal Form |
Status |
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2003
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DMCC-30432 |
DMCC Free Zone
- Limited Liability Company |
Active |
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IDENTIFICATION
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CO. NAME |
MV International DMCC |
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FORMER NAME |
Sejal Gems International DMCC |
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BUILDING |
MZ-2, Obaidullah bldg |
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STREET |
Al Khor Street |
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AREA |
Deira, Gold Souq, Next
to Gold Land |
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POSTAL ADDRESS |
57681 Dubai |
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CITY |
Dubai |
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COUNTRY |
United Arab Emirates |
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TELEPHONE |
(+971 4) 235 4250 / (+971 55) 882 4712 (Mehul Shah) / (+971 55) 558 1214 (Mr. Raj) |
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FAX |
(+971 4) 235 4251 |
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VERIFIED EMAIL |
dubai@sejalgems.in /
mvintdmcc@gmail.com |
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Sun-Thu |
10:00:19:00 |
14:00-15:00 |
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REGISTERED ADDRESS |
Unit No: 2H-05-261, Jewellery & Gemplex 2 Plot No: DMCC-PH2-J&GPlexS, Dubai, United Arab Emirates |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
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Mehul Shah |
Managing Director |
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Mr. Raj |
Sales Manager |
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WORKFORCE |
NO. OF EMPLOYEES |
PERIOD |
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3 |
05.2018 |
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FINANCIAL
SUMMARY
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NOTES |
Private entities in UAE are not required to publish or disclose
balance sheets. Balance sheets are not available from other sources, and the
buyer interviewed declined to give any financial information, which the buyer
regards as strictly confidential. |
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FISCAL YEAR-END |
31 December |
LEGAL
STATUS
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INCORPORATION |
2003 |
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REGISTRATION NO. |
C.R. NUMBER |
ISSUED BY |
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DMCC-30432
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Dubai Multi Commodities
Centre |
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OTHER REGISTRATION
NO. |
Registration No.: DMCC-0684 |
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CAPITAL |
Not given |
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LEGAL FORM |
DMCC Free Zone - Limited Liability Company |
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BUSINESS HISTORY |
The Company was incorporated in Dubai Multi Commodities Centre (DMCC) in 2003 under the name Sejal Gems International DMCC. Later on,
subject changed its name to the present style. |
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STATUS |
Active |
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SHAREHOLDERS |
NAME |
PERCENTAGE |
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Subject declined to name its shareholding structure details. * 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. |
100.00% |
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OPERATION
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BANKERS |
Subject declined to name
its bankers details. |
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ACTIVITY CODE
(NACE) |
NACE 4777 - Retail sale
of watches and jewellery in specialised stores; |
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LINE OF BUSINESS |
Trading as importers and suppliers of loose diamonds and jewellery
products. |
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IMPORT FROM |
worldwide, mainly from India, Hong Kong and Singapore. |
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EXPORT TO |
Subject does not engage in exporting activities. |
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FACILITIES |
Leased premises comprising administrative offices located at the
heading address. |
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RELATED COMPANIES |
Associates 1. Small Stars Jewellers LLC Al Khor Street, Deira PO Box: 57681 Dubai UAE Tel: (+971
4) 235 4250 Fax: (+971 4) 235 4251 Est.: 24/08/2011 Trade License No.: 658267 2. Sejal
Exports D-Center 7221, BDB, BKC, Mumbai-400051, Maharashtra India Tel: (+91 22) 4043 1111 Fax : (+91 22) 4043 1199 Email: mumbai@sejalgems.in 3. Priti Gems Co. Ltd. Suit 3110, Jewellery Trade Center, 919/395, Silom road, Silom, Bangrak, Bangkok-10500 Thailand Tel: (+66 2) 630 0048 Fax: (+66 2) 630 0047 Email: priti@sejalgems.in 3. S.M. Jewels Pte Ltd 545, Orchard road, #09-10, Far East Shopping center, Singapore-238882 Tel: (+65) 6734 1409 Fax: (+65) 6734 1404 Email: singapore@sejalgems.in 4. Sejal Gems HK Co.
Ltd. Unit 1002, Chevalier House, 45-51 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong Tel: (+852) 2627 1273 Fax: (+852) 2627 1279 Email: hongkong@sejalgems.in 5. Sejal Gems Private
Limited 335 A & B Panchratnaopera House Mumbai 400004 India Est.: 18/03/1998 Corporate Identification Number: CIN U36912MH1998PTC114027 6. Sejal Inc. 62 west 47 st. 16th floor, New York 10036 Tel: (+1 201) 952 5504 Email: newyork@sejalgems.in |
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SPECIAL
REMARKS
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INTERVIEWED |
Mr. Raj (Sales Manager).
Subject's senior official (Managing Director) is currently away on a
prolonged business trip, in his absence staff is not authorized to divulge
information. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.38 |
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1 |
INR 91.09 |
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Euro |
1 |
INR 79.75 |
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UAE DH |
1 |
INR 18.32 |
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 : |
TRU |
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
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Promoters
/ Management background
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Payment
record
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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.