MIRA INFORM REPORT

 

 

Report Date :

7th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

ALUKKAS EXCHANGE

 

 

Registered Office :

Ahmed Hamdan Budes Building, Al Suq Street, Al Suq Al Kabir, PO Box: 171468, Dubai, United Arab Emirates.

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

06.08.1990

 

 

Com. Reg. No.:

76940, Dubai

 

 

Legal Form :

Sharikat Tadhamun (General Partnership)

 

 

Line of Business :

Engaged as providers of money and traveller’s cheques exchange services.

 

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

SUMMARY

 

 

Company Name

ALUKKAS EXCHANGE

Country of Origin

Dubai, United Arab Emirates

Legal Form

General Partnership

Registration Date

6th August 1990

Commercial Registration Number

76940, Dubai

Trade Licence Number

223447

Membership Number

19820

Partners Capital

UAE Dh 3,000,000

Total Workforce

6

Line of Business

Providers on money and traveller’s cheques  exchange services.

Financial Condition

Undetermined

Payments

Nothing detrimental uncovered

 

 

 

 

COMPANY NAME

 

ALUKKAS EXCHANGE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Ahmed Hamdan Budes Building

Street               : Al Suq Street

Area                 : Al Suq Al Kabir

PO Box             : 171468

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3535469

Facsimile          : (971-4) 3535683

Email                : exchange@alukkas.com

 

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Jamal Obaid Saeed Ghubash             Emirati                          Managing Partner

 

·       Alukkas Varghese Joy                                   Indian                            Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th August 1990

 

Legal Form                  : Sharikat Tadhamun (General Partnership)

 

Commercial Reg. No.  : 76940, Dubai

 

Trade Licence No.       : 223447 (Expires 4th August 2007)

 

Membership No.          : 19820

 

Partners Capital           : UAE Dh 3,000,000

 

 

Name of Partner (s)       Percentage

 

·       Jamal Obaid Saeed Ghubash                                                             60%

 

·       Alukkas Varghese Joy                                                                                   40%

 

Note to the Legal Form  

The Company Law defines “Sharikat Tadhamun” as a company established between

two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.

 

Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.

 

 

AFFILIATED COMPANIES

 

·       Alukkas Gulf FZCO

Gold & Diamond Park

Jebel Ali Free Zone

Dubai

 

·       Joy Alukkas Jewellery LLC

Gold Centre, 3rd Floor

Al Khor Street

Al Ras, Deira

PO Box : 12928

Dubai

Tel   : (971-4) 2264103 / 2253221

Fax : (971-4) 2264932 / 2352232

 

·       House of Alukkas LLC

     Gold Centre

     Al Khor Street

     PO Box: 112454

     Dubai

     Tel               : (971-4) 2291300

     Fax                                                                                                              : 971-4) 2295331

     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 Louis Commercial Complex

10/815/28

Erinjery Angadi

Thrissur-680001

India

Tel   : (91-487) 2445444

Fax  : (91-487) 2446555

 

 

LINE OF BUSINESS

 

Operations : Engaged as providers of money and traveller’s cheques exchange services.

 

Subject has a workforce of 6 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

 

·       Middle East Bank Ltd

Arbift Tower

Baniyas Street

PO Box : 5547

Dubai

Tel : (971-4) 2220121

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1990, subject is owned and managed by Mr Jamal Obaid Saeed Ghubash and Mr Alukkas Varghese Joy who are both well respected in the local business community.

 

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$ 200,000

 

 

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%)

 

 

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