MIRA
INFORM REPORT
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Report Date : |
23rd February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
JOY ALUKKAS JEWELLERY LLC |
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Formerly Known as: |
ALUKKAS JEWELLERY LLC |
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Registered Office : |
Gold Centre, 3rd
Floor, Al Khor Street, Al Ras, Deira, PO Box:12928, Dubai, United Arab
Emirates. |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
13.11.1988 |
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Com. Reg. No.: |
43636, Dubai |
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Legal Form : |
Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged in the retail of jewellery and precious stones,
necklace sets, bangles, bracelets, chains, earrings, pendants, rings and
coins. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
JOY ALUKKAS JEWELLERY LLC |
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Previously Known As |
ALUKKAS JEWELLERY LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
13th November 1988 |
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Commercial
Registration Number |
43636, Dubai |
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Trade Licence
Number |
217959 |
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Membership Number |
9635 |
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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 |
200 |
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Line of Business |
Retailers of jewellery and precious stones. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
JOY ALUKKAS
JEWELLERY LLC
PREVIOUSLY KNOWN AS
ALUKKAS JEWELLERY
LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre, 3rd Floor
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 12928
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2264103 / 2253221
Facsimile : (971-4) 2264932 / 2352232
Mobile : (971-50) 6252623
Email : alukkas@alukkas.com
Premises
Subject operates
from a large suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
Branch Office (s)
Location Description
·
Hamel Bin Khadim Alghiath Building Rented
showroom premises
Al Daghaya Street
Dubai
Tel : (971-4) 2290076
Fax : (971-4) 2269735
·
Development Board Building Rented
showroom premises
Al Nahda Road
Dubai
Tel : (971-4) 2635270 / 2631573
·
Lulu Shopping Mall Rented
showroom premises
Al Nahda Road
Dubai
Tel : (971-4) 2988590
Fax : (971-4) 2988580
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Karama Centre Rented
showroom premises
Zaabeel Street
Dubai
Tel : (971-4) 3379183
Fax : (971-4) 3379188
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Sharjah Gold
Souk Rented showroom
premises
PO Box: 27847
Sharjah
Tel : (971-6) 5745594
Fax : (971-6) 5745509
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Delma Centre Rented showroom
premises
PO Box: 71659
Abu Dhabi
Tel : (971-2) 6210408
Fax : (971-2) 6210080
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Hamdan Street Rented showroom
premises
PO Box: 71659
Abu Dhabi
Tel : (971-2) 6331377
Fax : (971-2) 6319835
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Al Ghabha
Street Rented showroom
premises
PO Box: 23607
Al Ain
Tel : (971-3) 7657728
Fax : (971-3) 7657729
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Manar Mall Rented showroom
premises
PO Box: 11659
Ras Al Khaimah
Tel : (971-7) 2283221
Fax : (971-7) 2270207
KEY PRINCIPALS
Name Nationality Position
·
Alukkas
Varghese Joy Indian Managing
Director
·
Jassim Mohamed
Ibrahim Abdullah Al Hasawi Emirati Director
·
T. George - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 13th
November 1988
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 43636, Dubai
Trade Licence No. : 217959
(Expires 26th October 2007)
Membership No. : 9635
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Jassim Mohamed
Ibrahim Abdullah Al Hasawi 51%
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Alukkas
Varghese Joy 49%
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
·
Alukkas Gulf
FZCO
Gold & Diamond Park
Jebel Ali Free Zone
Dubai
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House of Alukkas LLC
Gold Centre
Al Khor
Street
PO Box:
112454
Dubai
Tel : (971-4) 2291300
Email : houseofalukkas@hotmail.com
· Alukkas Diamonds
LLC
Gold Souk
Sharjah
Tel : (971-6) 5749919
Fax :
(971-6) 5749918
· Alukkas Wedding
Centre
Main Road
Angamaly
India
Tel :
(91-484) 2452999
Fax :
(91-484) 2456299
· Joy Alukkas Traders
(India)Pvt Ltd
St.Loius Commercial Complex
10/815/28
Erinjery Angadi
Thrissur-680001
India
Tel : (91-487) 2445444
Fax :
(91-487) 2446555
LINE OF BUSINESS
Operations: Subject operates a chain of 38 retail outlets specialising in the retail of jewellery and precious stones, necklace sets, bangles, bracelets, chains, earrings, pendants, rings and coins.
Import
Countries: Europe and the
Far East.
Brand Names: MAYOORI, FLORENTINA, and ZENINA.
Subject has a
workforce of 200 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Emirates Bank
International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel :
(971-4) 2256256 / 2256900
Fax
: (971-4) 2268005 / 2267718
·
Mashreq Bank
Plc
Deira Branch
PO Box : 1250
Dubai
Tel :
(971-4) 2229131 / 2221134
Fax :
(971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Joy Alukkas
Jewellery LLC is a leading jewellery retailer with a chain of 38 outlets
located throughout the United Arab Emirates and the Gulf Region. The company
enjoys an excellent reputation for the quality of its products and is owned by
the prominent businessman, Mr Alukkas Varghese Joy, and his local sponsor Mr
Jassim Mohamed Ibrahim Abdullah Al Hasawi.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 500,000
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 |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)
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