MIRA INFORM REPORT

 

 

Report Date :

20.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

JOY ALUKKAS JEWELLERY LLC

 

 

Formerly Known as :

ALUKKAS JEWELLERY LLC

 

 

Registered Office :

Gold Centre, 3rd Floor, Al Khor Street, Al Ras, Deira, PO Box        12928, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

13.11.1988

 

 

Com. Reg. No.:

43636, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Retail of Jewellery and Precious Stones

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

 

 

SUMMARY

 

Company Name                         : JOY ALUKKAS JEWELLERY LLC

Previously Known As                              : ALUKKAS JEWELLERY LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 13th November 1988

Commercial Registration Number            : 43636, Dubai

Trade Licence Number                            : 217959

Chamber Membership Number                : 9635

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 500

Activities                                               : Retail of jewellery and precious stones

Financial Condition                                 : Undetermined

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

 

·       Karama Centre                                                                                  Rented showroom premises

     Zaabeel Street

     Dubai

     Tel: (971-4) 3379183

     Fax: (971-4) 3379188

 

·       Sharjah Gold Souk                                                                            Rented showroom premises

PO Box: 27847

Sharjah

Tel: (971-6) 5745594

Fax: (971-6) 5745509

 

·       Delma Centre                                                                                    Rented showroom premises

PO Box: 71659

Abu Dhabi

Tel: (971-2) 6210408

Fax: (971-2) 6210080

 

·       Hamdan Street                                                                                  Rented showroom premises

PO Box: 71659

Abu Dhabi

Tel: (971-2) 6331377

Fax: (971-2) 6319835

 

·       Al Ghabha Street                                                                              Rented showroom premises

PO Box: 23607

Al Ain

Tel: (971-3) 7657728

Fax: (971-3) 7657729

 

·       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                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 43636, Dubai

 

Trade Licence No.       : 217959 (Expires 26/10/2008)

 

Chamber Member 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%

 

·       Alukkas Varghese Joy                                                                49%

 

 

AFFILIATED COMPANIES

 

·       Alukkas Gulf FZCO

Gold & Diamond Park

Jebel Ali Free Zone

Dubai

 

·       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.Loius Commercial Complex

10/815/28

Erinjery Angadi

Thrissur-680001

India

Tel: (91-487) 2445444

Fax: (91-487) 2446555

 

 

OPERATIONS

 

Activities: Subject operates a chain of 40 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 approximately 500 employees.

 

 

FINANCIAL DATA

 

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 40 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.

 

 

 

 

 

 

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.

 

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