MIRA
INFORM REPORT
|
Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DAMAS LLC |
|
|
|
|
Registered Office : |
Gold Centre, Gold
Souq, Al Khor Street, Al Ras, P O Box 1522, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
9th September 1978 |
|
|
|
|
Com. Reg. No.: |
41717, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of jewellery and precious stones. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : DAMAS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th September 1978
Commercial Registration Number : 41717, Dubai
Trade Licence Number : 200444
Membership Number : 4784
Issued Capital : UAE Dh 900,000,000
Paid up Capital : UAE Dh 900,000,000
Total Workforce : 10
Line of Business : Distributors of jewellery and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DAMAS LLC
ADDRESS
Registered & Physical Address
Location : Gold Centre, Gold Souq
Street : Al Khor Street
Area : Al Ras
PO Box : 1522
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2255206 / 2263682 / 2254300 /
2254256
Facsimile : (971-4) 2290242 / 2252259
Email : damas@eim.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.
KEY PRINCIPALS
·
Tawhid Mohamed
Taher Abdullah Almohtadi Managing
Director
·
Mohamed Tawfik
Mohamed Taher Abdullah Almohtadi Director
·
Mohamed Tamjid
Mohamed Taher Abdullah Almohtadi Director
·
Abdullah
Nasser Bin Hawaileel Mansoori Director
·
Chetan Vaya Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 9th
September 1978
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 41717, Dubai
Trade Licence No. : 200444
(Expires 8th February 2009)
Membership No. : 4784
Issued Capital : UAE Dh 900,000,000
Paid up Capital : UAE Dh 900,000,000
Name of Shareholder
(s) Percentage
·
Gulf Money
Investment Trading Co 23.12%
Abu Dhabi
·
Tawhid Mohamed
Taher Abdullah Almohtadi 20.01%
·
Mohamed Tawfik
Mohamed Taher Abdullah Almohtadi 20.01%
·
Mohamed Tamjid
Mohamed Taher Abdullah Almohtadi 20.01%
·
Shuaa Capital
PSC 9.51%
Dubai
·
Al Fahim Group
of Companies 4.88%
Abu Dhabi
·
Abdullah
Nasser Bin Hawaileel Mansoori 2.46%
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 recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
·
Damas
Jewellery LLC
Gold Centre
Al Khor Street
Al Ras
PO Box : 1522
Dubai
Tel : (971-4) 2266036 / 2266222 / 2254300
Fax : (971-4) 2263789 / 2263404 / 2252259
·
Damascus
Jewellery LLC
Gold Centre
Al Khor Street
Al Ras
PO Box : 1522
Dubai
Tel : (971-4) 2263682
Fax : (971-4) 2263789
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
jewellery and precious stones.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 16,500,000 UAE Dh 17,350,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4) 2229131 / 2221134
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1978,
subject is involved in the import and distribution of jewellery and precious
stones.
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.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)