MIRA INFORM REPORT
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Report Date : |
02.03.2012 |
IDENTIFICATION DETAILS
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Name : |
JOY ALUKKAS DIAMONDS LLC |
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Registered Office : |
Shop No. 7, Gold Souq,
Al Sour Area, P O Box 27847, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
11.10.2003 |
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Com. Reg. No.: |
34150, Sharjah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesalers and retailers of diamonds and jewellery |
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No. of Employees
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03 |
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 |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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United Arab Emirates |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : JOY ALUKKAS DIAMONDS LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th October 2003
Commercial Registration Number : 34150, Sharjah
Trade Licence Number : 52324
Chamber Membership Number : 60509
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 3
Activities : Wholesalers and retailers of diamonds and jewellery.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
JOY ALUKKAS DIAMONDS LLC
Registered &
Physical Address
Building : Shop No. 7
Area : Gold Souq, Al Sour Area
PO Box : 27847
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5634441 / 5749919
Facsimile : (971-6) 5639626 / 5749918
Email : shjogs@joyalukkas.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sharjah.
Name Nationality Position
·
Joy
Varghese Alukkas Indian Managing Director
·
Jassem
Mohamed Ibrahim Abdullah Al Hasawi Emirati Director
·
Hari
Krishnan - Regional Manager
Date of Establishment : 11th
October 2003
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 34150,
Sharjah
Trade Licence No. : 52324
(Expires 08/10/2012)
Chamber Member No. : 60509
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Jassem
Mohamed Ibrahim Abdullah Al Hasawi 51%
·
Joy
Varghese Alukkas 49%
·
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
Email: houseofalukkas@hotmail.com
· 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
· Joy Alukkas Jewellery WLL
PO Box: 1897
Muscat
Oman
Tel: (968) 24797212
Fax: (968) 24797181
· Joy Alukkas Jewellery WLL
PO Box: 22717
Doha
Qatar
Tel: (974) 44786844
Fax: (974) 44786838
· Joy Alukkas Jewellery WLL
PO Box: 3008
Safat
Kuwait
Tel: (965) 22494845
/ 22475959
Fax: (965) 22494842
· Joy Alukkas Jewellery LLC
PO Box: 12928
Dubai
Tel: (971-4) 2522900
Fax: (971-4) 2255933
· Joy Alukkas Jewellery WLL
PO Box: 11492
Manama
Bahrain
Tel: (973-17) 229914
Fax: (973-17) 229924
· Joy Alukkas Jewellery LLC
PO Box: 11659
Ras Al Khaimah
Tel: (971-7) 2283221
Fax: (971-7) 2270207
· Joy Alukkas Jewellery LLC
PO Box: 71659
Abu Dhabi
Tel: (971-2) 6331377
Fax: (971-2) 6319835
· Alukkas Exchange
PO Box: 171468
Dubai
Tel: (971-4) 3535469
Fax: (971-4) 3535683
Activities: Engaged in the wholesale and retail of
diamonds and jewellery.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 3 employees.
Companies
registered in Sharjah, 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.
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
No complaints
regarding subject’s payments have been reported.
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.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.15 |
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UK Pound |
1 |
Rs.78.25 |
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Euro |
1 |
Rs.65.57 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.