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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

510215

Report Date :

23.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SHIMMERING STAR FZE

 

 

Registered Office :

SM Office 11-225C, Ajman Free Zone, Ajman

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

15.12.2012

 

 

Com. Reg. No.:

9586

 

 

Legal Form :

Free Zone Establishment 

 

 

Line of Business :

Wholesale of watches and jewellery 

 

 

No. of Employees :

1

 

 

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 :

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

 

SUMMARY 

                                   

COMPANY NAME

SHIMMERING STAR FZE

 

ADDRESS

Building

Area

Street

PO Box

SM OFFICE 11-225C

Ajman Free Zone

N/A

241345

Dubai

MOBILE 

Verified Phone: (+971 50) 157 8944

EMAIL/WEBSITE

Email: pratiknj@yahoo.com / Website: N/A

ACTIVITY

NACE 4648 - Wholesale of watches and jewellery; 

PRINCIPAL 

Pratik Jain

Workforce 

General Manager / Owner 

1  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

15/12/2012

9586

Free Zone Establishment 

Active

CAPITAL

CURRENCY

AMOUNT

AED  

200,000 

             

 

IDENTIFICATION

 

CO. NAME

SHIMMERING STAR FZE

ALSO KNOWN NAME (S)

Shimmering Star - F.Z.E

BUILDING

SM OFFICE 11-225C

AREA

Ajman Free Zone

POSTAL ADDRESS

241345 Dubai

CITY

Ajman

COUNTRY

United Arab Emirates

MOBILE 

(+971 50) 157 8944

VERIFIED EMAIL

pratiknj@yahoo.com

BUSINESS HOURS (DURING RAMADAN) 

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:00-16:00

Without Break

REGISTERED ADDRESS

SM OFFICE 11-225C, Ajman Free Zone, Ajman, United Arab Emirates     

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Pratik Jain

General Manager / Owner

WORKFORCE

NO. OF EMPLOYEES

PERIOD

1 (the above only) 

05.2018

 

 

FINANCIAL SUMMARY

 

REVENUE  

31/03/2018

31/03/2017

AED 3,300,000

AED 2,500,000

NET PROFIT / (LOSS)

Not given but stated to be 2-5% of the sales

FISCAL YEAR-END 

31 March 

 

 

LEGAL STATUS

 

INCORPORATION

15/12/2012

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY  

Trade License No.: 9586 (expiry date: 14/12/2018)

Ajman Free Zone Authority   

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

200,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

200,000

AED

BUSINESS HISTORY

The Company was incorporated in Ajman Free Zone on 15 December 2012. 

LEGAL FORM     

Free Zone Establishment 

STATUS

Active

OWNER   

NAME  

PERCENTAGE

Pratik Jain

Nationality: Indian

 

* According to the Amiri decree no.3 of 1996 issued by H.H. Sheikh

Humaid Bin Rashid Al Nuaimi, Ruler of Ajman, granting autonomous

status to Ajman Free Zone (established 1988), a company incorporated in Ajman Free Zone shall be registered as one of the following: Free Zone Establishment (FZE) is a legal entity owned (100%) by either a person or a corporate body, must have a capital equivalent to US DLRS 50,000, the liability of the owner is limited to the amount of the share capital; Free Zone Company (FZC) has a separate legal identity and the liability of its owner is limited to the value of the paid up shared capital: Branch of a foreign company - licenses under this

category are issued to foreign companies established outside the UAE than intend to incept a branch or a subsidiary of their foreign

registered company. The activity may be commercial, industrial or

professional/services; branch of a local company- licenses under this

category are issued to companies holding a valid license from any UAE licensing authority except from other Free Zones.

100.00% 

 

 

OPERATION 

 

BANKERS   

National Bank of Ras Al Khaimah (P.J.S.C)

(aka RAKBANK)

Al Qusais Branch

Dubai Residential Oasis, Damascus Rd.

Dubai

UAE

Telephone: (+971 4) 213 0000  

ACTIVITY CODE (NACE)    

NACE 4648 - Wholesale of watches and jewellery;

LINE OF BUSINESS    

Trading as importers and wholesalers of jewellery products, precious and semi-precious stones.

IMPORT FROM  

India, Hong Kong and Belgium. 

EXPORT TO

Subject does not engage in exporting activities, all sales are domestic.

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

 

 

SPECIAL REMARKS

 

INTERVIEWED   

Pratik Jain (General Manager / Owner).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.02

UK Pound

1

INR 91.25

Euro

1

INR 80.07

UAE

1

INR 18.58

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI               

 

 

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)

 

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.