MIRA
INFORM REPORT
|
Report Date : |
27th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
DHAMANI JEWELS LLC |
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Registered Office : |
New Gold Centre, Unit No. 150, Zone III, 6th Floor, Al Khor Street, Al Ras, P. O. Box 39237, Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.10.1998 |
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Com. Reg. No.: |
51788 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesalers and retailers of jewellery, precious stones and watches. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
DHAMANI JEWELS LLC |
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Country of Origin |
Dubai, United Arab Emirates |
|
Legal Form |
Limited Liability Company - LLC |
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Start Date |
1969 |
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Registration Date |
1st October 1998 |
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Commercial Registration Number |
51788, Dubai |
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Trade Licence Number |
507949 |
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Membership Number |
51340 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
55 |
|
Line of Business |
Retailers of jewellery, precious stones and watches. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
DHAMANI JEWELS LLC
ADDRESS
Registered & Physical Address
Building : New Gold Centre, Unit No. 150, Zone III, 6th
Floor
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 39237
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262558/9
Facsimile : (971-4) 2262557
Email : dhamani@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
·
The
Gold Centre Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2251052
·
M.M.
Towers Rented
showroom premises
Al Maktoum Street
Deira
Dubai
Tel: (971-4) 2292607
·
Gold
Land Building Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2291643
·
Al
Shamal Building Rented
showroom premises
Dubai
Tel: (971-4) 2252396
·
Al
Maydan Center Rented
showroom premises
Nasser Square
Deira
Dubai
Tel: (971-4) 2225630
KEY
PRINCIPALS
Name Nationality Position
·
Amit
Dhamani Indian
Managing Director
·
Nupur
Dhamani Indian
Director
·
Jassim
Yousuf Jassim Al Hamadi Emirati Director
LEGAL
FORM & OWNERS
|
Date
of Establishment |
Subject’s
operations date back to 1969, however it was registered on 1st October 1998. |
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|
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|
Legal
Form |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Commercial
Reg. No. |
51788,
Dubai |
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Trade
License No. |
507949
(Expires 25th September 2007) |
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Membership
No. |
51340 |
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Issued
Capital |
UAE Dh
300,000 |
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|
|
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Paid
up Capital |
UAE Dh
300,000 |
Name of Shareholder (s) Percentage
·
Jassim
Yousuf Jassim Al Hamadi 51%
·
Amit
Dhamani 39%
·
Nupur
Dhamani 10%
Note
to the Legal Form
A
Limited Liability Company (LLC) is defined in the Company Law as a company
incorporated with not less than two and not more than fifty shareholders, each
responsible only for the liabilities of the company to the extent of their
share participation in the capital of the company.
The
Company Law provides that the capital of a Limited Liability Company (LLC)
should not be less than UAE Dh 300,000, which should be divided into equal
shares of a value not less than UAE Dh 100 each.
This
type of company may engage in any form of legitimate business, with the
exception of insurance, banking and investment of funds.
Non
UAE Participation
The
participation of non-Emirati in a trade or business in the United Arab Emirates
is governed by the Foreign Business Investment Law, which sets capital
requirements and requires 51 percent Emirati participation in capital and
profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognized by law depending on the way the internal agreement is made.
AFFILIATED
COMPANIES
·
Al
Mahaba Jewellery LLC
Essa Ibrahim Lootah Building
Al Ras Street
Al Ras, Deira
PO Box: 7419
Dubai
Tel: (971-4) 2291039
Fax: (971-4) 2290875
Email: piya@emirates.net.ae
·
Dhamani
Jewels FZCO
Gold & Diamond Park
Dubai
Tel: (971-4) 3405070
LINE OF BUSINESS
Operations
Engaged
in the wholesale and retail of jewellery, diamonds, precious stones, pearls and
watches.
Import
Countries
Europe
and the Far East.
Operating
Trend
Steady
Subject
has a workforce of 55 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04:
Total
Revenue UAE
Dh 14,700,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1969, subject is owned and managed by Mr Amit Dhamani and Mr Nupur Dhamani
who are Indian nationals operating in Dubai under the local sponsorship of Mr
Jassim Yousuf Jassim Al Hamadi.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 250,000
SUMMARY
|
Company Name |
DHAMANI JEWELS LLC |
|
Country of Origin |
Dubai, United Arab Emirates |
|
Legal Form |
Limited Liability Company - LLC |
|
Registration Date |
1st October 1998 |
|
Commercial Registration Number |
51788, Dubai |
|
Trade Licence Number |
507949 |
|
Membership Number |
51340 |
|
Issued Capital |
UAE Dh 300,000 |
|
Paid up Capital |
UAE Dh 300,000 |
|
Total Workforce |
6 |
|
Line of Business |
Wholesalers and retailers of jewellery, precious stones and watches. |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
DHAMANI JEWELS LLC
ADDRESS
Registered & Physical Address
Building : New Gold Centre, Unit No. 150, Zone III, 6th Floor
Street : Al Khor Street
Area : Al Ras
PO Box : 39237
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262558
Facsimile : (971-4) 2262557
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
|
Name |
Nationality |
Position |
|
|
|
|
|
Amit Dhamani |
Indian |
Managing Director |
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|
|
|
|
Nupur Dhamani |
Indian |
Director |
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|
|
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|
Jassim Yousuf Jassim Al Hamadi |
Emirati |
Director |
LEGAL FORM & OWNERS
|
Date of Establishment |
1st October 1998 |
|
|
|
|
Legal Form |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
|
|
|
|
Commercial Reg. No. |
51788, Dubai |
|
|
|
|
Trade Licence No. |
507949 (Expires 25th September 2005) |
|
|
|
|
Membership No. |
51340 |
|
|
|
|
Issued Capital |
UAE Dh 300,000 |
|
|
|
|
Paid up Capital |
UAE Dh 300,000 |
Name of Shareholder (s) Percentage
Jassim Yousuf Jassim Al Hamadi 51%
Amit Dhamani 39%
Nupur Dhamani 10%
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 300,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognized by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Al Mahaba Jewellery LLC
Essa Ibrahim Lootah Building
Al Ras Street
Al Ras, Deira
PO Box: 7419
Dubai
Tel: (971-4) 2291039
Fax: (971-4) 2290875
Email: piya@emirates.net.ae
LINE OF BUSINESS
Operations
Engaged in the wholesale and retail of
jewellery, precious stones and watches.
Import Countries
Europe and the Far East.
Operating Trend
Steady
Subject has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/02 : Year Ending 31/12/03 :
Total Revenue UAE Dh 2,780,000 UAE Dh 3,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Emirates Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1998, subject is owned and managed by Mr Amit Dhamani and Mr Nupur Dhamani who are Indian nationals operating in Dubai under the local sponsorship of Mr Jassim Yousuf Jassim Al Hamadi.
Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 100,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |