MIRA
INFORM REPORT
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Report Date : |
04.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DHAMANI JEWELS
LLC |
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Registered Office : |
New Gold Centre,
Zone III, 6th Floor, Office No. 150, Al Khor Street, Al Ras,
Deira, P O Box 39237, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1969 |
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Com. Reg. No.: |
51788, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the
wholesale and retail of jewellery, diamonds, precious stones, pearls and
watches. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DHAMANI JEWELS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Start Date : 1969
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 : 55
Line of Business : 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, Zone III, 6th
Floor, Office No. 150
Street : Al Khor Street
Area : Al Ras, Deira
PO Box : 39237
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2262558 / 2262559
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
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M.M. Towers Rented
showroom premises
Al Maktoum Street
Deira
Dubai
Tel: (971-4) 2292607
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Gold Land
Building Rented
showroom premises
Deira
Dubai
Tel: (971-4) 2291643
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Al Shamal
Building Rented
showroom premises
Dubai
Tel: (971-4) 2252396
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Al Maydan
Center Rented
showroom premises
Nasser Square
Deira
Dubai
Tel: (971-4) 2225630
KEY PRINCIPALS
Name Nationality Position
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Amit Dhamani Indian Managing Director
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Nupur Dhamani Indian Director
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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.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 51788, Dubai
Trade Licence No. : 507949
(Expires 25th September 2008)
Membership No. : 51340
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
Percentage
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Jassim Yousuf
Jassim Al Hamadi 51%
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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 recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
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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
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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 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 15,900,000 UAE Dh 18,250,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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.
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. |
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%)