MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAMAS JEWELLERY LLC |
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Registered Office : |
Gold Centre
Building, Al Khor Street, As Ras, Deira, PO Box 1522, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
19.03.1980 |
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Com. Reg. No.: |
41342, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesaler and Retailer of Jewellery Items and Watches |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DAMAS JEWELLERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 19th March 1980
Commercial Registration Number : 41342, Dubai
Trade Licence Number : 208495
Chamber Membership Number : 6460
Issued Capital : UAE Dh 50,000,000
Paid up Capital : UAE Dh 50,000,000
Total Workforce : 200
Activities : Wholesale and retail of jewellery items and watches
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
DAMAS JEWELLERY LLC
ADDRESS
Registered & Physical Address
Building : Gold Centre Building
Street : Al Khor Street
Area : As Ras, Deira
PO Box : 1522
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2266036 / 2266222 / 2254300
Facsimile : (971-4) 2263789 / 2263404 / 2252259
Email : damas@emirates.net.ae
Premises
Subject operates
from a medium sized suite of offices and a showroom that are owned and located
in the Central Business Area of Dubai.
Branch Office
(s)
Subject operates approximately 75 retail showrooms located in the major
shopping malls and 5 star hotels throughout Dubai and the United Arab Emirates,
including the following locations:
Location Description
·
Hamdan Street Rented
showroom premises
Old Souk
Abu Dhabi
Tel: (971-2) 6227220
Fax: (971-2) 6227143
·
Abu Dhabi Mall Rented
showroom premises
Nadi Seyahi Street
Abu Dhabi
Tel: (971-2) 6450700
Fax: (971-2) 6455507
·
Ajman City
Centre Rented
showroom premises
Ajman
Tel: (971-6) 7480307
Fax: (971-6) 7482252
·
Al Ain Mall Rented
showroom premises
·
Fujairah Rented
showroom premises
Tel: (971-9) 2233557
Fax: (971-9) 2233559
·
Manar Mall Rented
showroom premises
·
Old Souk Rented
showroom premises
Sharjah
Tel: (971-6) 5743875
Fax: (971-6) 5726192
KEY PRINCIPALS
Name Nationality Position
·
Tawhid Mohamed
Taher Al Mohtadi Emirati Managing Director
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Mohamed Taher
Tawfik Al Mohtadi Emirati Director
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Mohamed Tawfik
Taher Al Mohtadi Emirati Director
·
Mohamed Tamjid
Taher Al Mohtadi Emirati Director
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T.N.
Partab - Operations
Manager
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P.K.
Dutta - Finance
Manager
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Cedrick
Gonzales - Logistics
& Export Manager
LEGAL FORM & OWNERS
Date of Establishment : 1907, however
subject was registered on 19th March 1980
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 41342, Dubai
Trade Licence No. : 208495
(Expires 14/03/2009)
Chamber Member No. : 6460
Issued Capital : UAE Dh 50,000,000
Paid up Capital : UAE Dh 50,000,000
Name of Shareholder (s) Percentage
·
Damas LLC 99.998%
New Gold Centre Building, 3rd
Floor
Al Khor Street
Al Ras, Deira
PO Box 1522
Dubai
Tel: (971-4) 2255206 / 2263682 / 2254300
Fax: (971-4) 2290242 / 2252259 / 2254256
Email: damas@eim.ae
·
Tawhid Mohamed
Taher Al Mohtadi 0.002%
AFFILIATED COMPANIES
Name Country
of Incorporation
·
Damascus
Jewellery LLC Dubai,
United Arab Emirates
· Mukund Jewellery LLC Dubai, United Arab Emirates
· Ocean Jewellery LLC Dubai, United Arab Emirates
· Dhanak Jewellery LLC Dubai, United Arab Emirates
· Armaan Jewellery LLC Dubai, United Arab Emirates
· Damas Jewellery DMCC Dubai, United Arab Emirates
· Gem Universe LLC Oman
· Universe Jewellers Ltd United
States of America
· Royal Jewellers Inc United
States of America
· 7816 3rd Avenue LLC United
States of America
· Damas Company WLL Bahrain
· Islanders Demas Pvt. Ltd Maldives
· DIT group SpA Italy
· Damas Jewellery Company Egypt
· Diminco Damas Diamond
Manufacturing DMCC Dubai, United
Arab Emirates
· Soir Jewellery Pvt. Ltd India
· Damas (Thailand) Co. Ltd Thailand
· Damas & Al Ghannam jewellery
Co WLL Kuwait
· Damas Southhall Limited UK United
Kingdom
· Damas UK Limited UK United
Kingdom
· Damas Dis Ticaret A.S. Turkey
· Al Nahrain Jewellers Factory LLC Dubai, United
Arab Emirates
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery items and watches.
Import
Countries: Europe and the
Far East
Brand Names: CARRERA, LAURENTIA, BARAKA, MIKIMOTO, FOPE,
CHIMENTO, FABERGE, POMELLATO,
ROBERTO
COIN, SCAVIA, CHANEL, BELL & ROSS, OMEGA, WALTHAM, MONTEGA and
VACHERON
CONSTANTIN
Subject has a
workforce of approximately 200 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
·
National Bank
of Dubai
Baniyas Street
PO Box 777
Dubai
Tel: (971-4) 2222241
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction February 2003 September 2003
Credit amount 100,000 73,000
Amount overdue 0 0
Payment terms 30
days 30
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros US$
Dollars
GENERAL COMMENTS
Established in
1980, the company operates approximately 75 retail showrooms located in the major
shopping malls and 5 star hotels throughout Dubai, and stocks many well known
and leading brand names.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)