MIRA INFORM REPORT

 

 

Report No. :

509134

Report Date :

17.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PACE GEMS MIDDLE EAST DMCC

 

 

Registered Office :

Almas Tower, Unit No: Almas-25-B & C, Plot No: Jlt-Ph1-A0, Jumeirah Lakes Towers, 340589 Dubai

 

 

Country :

United Arab Emirates  

 

 

Date of Incorporation :

January 2010

 

 

Com. Reg. No.:

DMCC-31307

 

 

Legal Form :

DMCC Free Zone - Limited Liability Company

 

 

Line of Business :
  • Wholesale of watches and jewellery
  • Retail sale of watches and jewellery in specialised stores

 

 

No. of Employees :

12

 

 

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

(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

 

SUMMARY    

 

COMPANY NAME

PACE GEMS MIDDLE EAST DMCC

 

ADDRESS

Building

Street

Area

PO Box

ALMAS Tower, Unit No: ALMAS-25-B & C

Plot No: JLT-PH1-A0

Jumeirah Lakes Towers

340589

Dubai

TEL/FAX 

Verified Phones: (+971 4) 424 0578 / Fax: (+971 4) 424 0564

EMAIL/WEBSITE

Email: imperia@pacegems.net / basheer@pacegems.net / Website: www.imperiajewels.com

ACTIVITY

 

NACE 4648 - Wholesale of watches and jewellery; NACE 4777 - Retail sale of watches and jewellery in specialised stores;   

PRINCIPAL 

Prabodh Mehta

Workforce 

Chief Executive Officer 

12  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

January 2010

DMCC-31307

DMCC Free Zone - Limited Liability Company

Active

CAPITAL

CURRENCY

AMOUNT

AED 

200,000 

             

 

IDENTIFICATION

 

CO. NAME

PACE GEMS MIDDLE EAST DMCC

TRADEMARK

Imperia Jewels

BUILDING

ALMAS Tower, Unit No: ALMAS-25-B & C 

STREET

Plot No: JLT-PH1-A0

AREA

Jumeirah Lakes Towers

POSTAL ADDRESS

340589 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 424 0578 / Mobile (+971 52) 757 5970 (Saurabh Jain)

FAX

(+971 4) 424 0564

VERIFIED EMAIL

imperia@pacegems.net / basheer@pacegems.net /  saurabhjain@pacegems.net

WEBSITE

www.imperiajewels.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:30-17:30

Without break time

REGISTERED ADDRESS

ALMAS Tower, Unit No: ALMAS-25-B & C, Plot No: JLT-PH1-A0, Jumeirah Lakes Towers, 340589 Dubai, United Arab Emirates  

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Prabodh Mehta

Chief Executive Officer

Chetan Mehta

 

Basheer Ahmad

 

Saurabh Jain

Director

 

Accounts Manager

 

Sales Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

12

05.2018

 

 

FINANCIAL SUMMARY

 

REVENUE  

31/12/2017

31/12/2018*(Projected)

USD 128,000,000

USD 92,000,000

NOTES *    

* Projected decrease in sales turnover in 2018 is due to unfavourable market conditions.

NET PROFIT / (LOSS)

not given but stated to be 2.8% of the sales

FISCAL YEAR-END

31 December 

 

 

LEGAL STATUS 

 

INCORPORATION

January 2010

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

License No.: DMCC-31307 (expiry date: January 2021)

Dubai Multi Commodities Centre

OTHER REGISTRATION NO.     

Registration No.: DMCC-2208

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

200,000 

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

200,000 

AED

LEGAL FORM 

DMCC Free Zone - Limited Liability Company

BUSINESS HISTORY 

The Company was incorporated in Dubai Multi Commodities Centre in January 2010.   

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

Pace Gems Pte. Ltd

Singapore

 

* 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% 

 

 

OPERATION 

 

BANKERS   

1. Emirates NBD (fmly Emirates Bank 

   International)

   Baniyas Road

   PO Box 2923

   Dubai

   Telephone: (+971 4) 256 256

   Fax      : (+971 4) 268 005

 

2. ABN AMRO Bank N.V.

   Currency House, Level 6, #601

   Dubai International Finance Centre

   P.O. Box 506507

   Dubai

   United Arab Emirates

   Telephone: (+971 4) 440 9400

ACTIVITY CODE (NACE)    

NACE 4648 - Wholesale of watches and jewellery; NACE 4777 - Retail sale of watches and jewellery in specialised stores;

LINE OF BUSINESS    

Trading as importers, re-exporters and suppliers of loose & polished diamonds and jewellery products under the trademark “Imperia Jewels”.

 

Subject is a member of the Gembell Group. The group is vertically intergated; sourcing rough, polish manufacturing, polish sales and now jewellery manufacturing and retailing.

IMPORT FROM     

Worldwide 

EXPORT TO    

Worldwide   

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

RELATED COMPANIES

Subject is a member of the Gembell Group of Companies, which also includes the following companies:

 

Associates

 

1. Gembell European Sales NV

   Vestingstraat 74

   2018 Antwerp

   Belgium

   Est.: 11/03/1997 

 

2. Kay Diamonds NV

   Vestingstraat 74

   2018 Antwerp

   Belgium

   Est.: 29/07/1998

 

3. Gembel Co.

   Tel Aviv

 

4. Pace Diamonds NV

   Antwerp

   Belgium   

 

5. Adesh International

   Mumbai

   India

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Basheer Ahmad (Accounts Manager).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.83

UK Pound

1

INR 91.68

Euro

1

INR 80.29

UAE DH

1

INR 18.45

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

TRU

                                                


 

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.