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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

510798

Report Date :

26.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

INDO STAR EXPORTS DMCC

 

 

Registered Office :

Unit No: 1808-004, Diamond Business Centre, Plot No: JLTE-PH2-BB1, Mazaya Business Avenue BB1, Jumeirah Lakes Towers, 26734 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

30.03.2014

 

 

Com. Reg. No.:

DMCC-33953

 

 

Legal Form :

DMCC Free Zone - Limited Liability Company

 

 

Line of Business :

Subject is importers and wholesalers of diamonds and jewellery products.

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

 

 

 

BRIEF SUMMARY

 

COMPANY NAME

INDO STAR EXPORTS DMCC

 

ADDRESS

Building

Street

Area

PO Box

Unit No: 1808-004, Diamond Business Centre

Plot No: JLTE-PH2-BB1, Mazaya Business Avenue BB1

Jumeirah Lakes Towers

26734

Dubai

PHONE  

Verified Phones: (+971 4) 369 9044 / (+971 52) 893 3936 (Vijay Kumar)

EMAIL/WEBSITE

Email: vijay348@yahoo.com / Website: N/A 

ACTIVITY 

NACE 4648 - Wholesale of watches and jewellery;

PRINCIPAL 

Vijay Kumar

Workforce 

Managing Director 

2  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

30/03/2014

DMCC-33953

DMCC Free Zone - Limited Liability Company

Active

    

 

IDENTIFICATION

 

CO. NAME

INDO STAR EXPORTS DMCC

BUILDING

Unit No: 1808-004, Diamond Business Centre

STREET

Plot No: JLTE-PH2-BB1, Mazaya Business Avenue BB1

AREA

Jumeirah Lakes Towers

POSTAL ADDRESS

26734 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 369 9044 / (+971 4) 369 9056 (Beacontec Solutions DMCC) / Mobile (+971 52) 893 3936 (Vijay Kumar)

VERIFIED EMAIL

vijay348@yahoo.com

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

10:00-17:00

Without Break

REGISTERED ADDRESS

Unit No: 1808-004, Diamond Business Centre, Plot No: JLTE-PH2-BB1, Mazaya Business Avenue BB1, Jumeirah Lakes Towers, 26734 Dubai, United Arab Emirates. 

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Vijay Kumar

Managing Director 

WORKFORCE

NO. OF EMPLOYEES

PERIOD

2

05.2018

 

 

FINANCIAL SUMMARY

 

NOTES     

Private companies in UAE are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential.

 

 

LEGAL STATUS 

 

INCORPORATION

30/03/2014

REGISTRATION NO.        

C.R. NUMBER

ISSUED BY 

Trade License No.: DMCC-33953 (expiry date: 20/04/2019)

Dubai Multi Commodities Centre

OTHER REGISTRATION NO.     

Registration No.: DMCC4982

CAPITAL  

Not given

BUSINESS HISTORY

The Company was incorporated in Dubai Multi Commodities Centre (DMCC) on 30 March 2014.

LEGAL FORM     

DMCC Free Zone - Limited Liability Company

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

Details of subject’s shareholding structure could not be learnt.

 

* 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   

Details of subject’s bankers details could not be learnt.  

ACTIVITY CODE (NACE)    

NACE 4648 - Wholesale of watches and jewellery;

LINE OF BUSINESS    

Trading as importers and wholesalers of diamonds and jewellery products.

IMPORT FROM

Details of subject’s imports details could not be learnt.

EXPORT TO 

Details of subject’s exports details could not be learnt.

FACILITIES

Leased premises comprising administrative offices located at the heading address.

 

Subject leases office premises from the following company:

 

Beacontec Solutions DMCC

Unit No. 1801-4, Diamond Business Centre,

Mazaya Business Avenue BB1,

Jumeirah Lakes Towers,

PO Box 26734

Dubai

United Arab Emirates

Telephone: (+971 4) 369 9056

Fax      : (+971 4) 369 8989

Email    : info@beacontecsolutions.com

 

FINANCIAL STRENGTH     

Normal

EMPLOYEE RANGE    

ER8


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.26

UK Pound

1

INR 91.21

Euro

1

INR 79.88

UAE Dh

1

INR 18.44

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRI

 

 

Report Prepared by :

DNS

 

 

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.