MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DAMAS LLC |
|
|
|
|
Registered Office : |
New Gold Centre Building, 3rd Floor, Al Khor Street, Al
Ras, Deira, PO Box 1522, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
09.09.1978 |
|
|
|
|
Com. Reg. No.: |
41717, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Distributors of Jewellery and Precious Stones. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : DAMAS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th September 1978
Commercial Registration Number : 41717, Dubai
Trade Licence Number : 200444
Membership Number : 4784
Issued Capital : UAE Dh 900,000,000
Paid up Capital : UAE Dh 900,000,000
Total Workforce : 10
Line of Business : Distributors of jewellery and precious stones.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DAMAS LLC
ADDRESS
Registered & Physical Address
Location : New Gold
Centre Building, 3rd Floor
Street : Al Khor
Street
Area : Al Ras,
Deira
PO Box : 1522
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2255206
/ 2263682 / 2254300
Facsimile : (971-4) 2290242
/ 2252259 / 2254256
Email : damas@eim.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.
KEY PRINCIPALS
· Tawhid Mohamed
Taher Abdullah Almohtadi Managing
Director
· Mohamed Tawfik
Mohamed Taher Abdullah Almohtadi Director
· Mohamed Tamjid
Mohamed Taher Abdullah Almohtadi Director
· Abdullah Nasser
Bin Hawaileel Mansoori Director
· Chetan Vaya Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 9th
September 1978
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 41717, Dubai
Trade Licence No. : 200444 (Expires 8th February
2009)
Membership No. : 4784
Issued Capital : UAE Dh
900,000,000
Paid up Capital : UAE Dh 900,000,000
Name of Shareholder (s)
Percentage
· Gulf Money
Investment Trading Co 23.12%
Abu Dhabi
· Tawhid Mohamed
Taher Abdullah Almohtadi 20.01%
· Mohamed Tawfik
Mohamed Taher Abdullah Almohtadi 20.01%
· Mohamed Tamjid
Mohamed Taher Abdullah Almohtadi 20.01%
· Shuaa Capital PSC 9.51%
Dubai
· Al Fahim Group of
Companies 4.88%
Abu Dhabi
· Abdullah Nasser
Bin Hawaileel Mansoori 2.46%
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
· Damas Jewellery
LLC
Gold Centre
Al Khor Street
Al Ras
PO Box : 1522
Dubai
Tel : (971-4) 2266036 / 2266222 / 2254300
Fax : (971-4) 2263789 / 2263404 / 2252259
· Damascus Jewellery
LLC
Gold Centre
Al Khor Street
Al Ras
PO Box : 1522
Dubai
Tel : (971-4)
2263682
Fax : (971-4)
2263789
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
jewellery and precious stones.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE
Dh 17,350,000 UAE
Dh 18,960,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Mashreq Bank Plc
Deira Branch
PO Box : 1250
Dubai
Tel : (971-4)
2229131 / 2221134
·
National Bank of Ras Al Khaimah
Al Maktoum Street
PO Box : 1531
Dubai
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1978, subject is involved in the import and distribution
of jewellery and precious stones.
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.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
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%)