MIRA INFORM REPORT

 

 

Report Date :           

03.03.2012

 

IDENTIFICATION DETAILS

 

Name :

JOY ALUKKAS JEWELLERY LLC

 

 

Registered Office :

Commercial Area, P O Box 1897, Ruwi 114, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

30.08.1998

 

 

Com. Reg. No.:

1/62235/8

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Wholesalers and retailers of gold and jewellery

 

 

No. of Employees :

35

 

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

 

 

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)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : JOY ALUKKAS JEWELLERY LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 30th August 1998

Commercial Registration Number                        : 1/62235/8

Chamber Membership Number                : 2376

Issued Capital                                        : RO 70,000

Paid up Capital                                      : RO 70,000

Total Workforce                                     : 35

Activities                                               : Wholesalers and retailers of gold and jewellery.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : C C Baju, Marketing Manager

COMPANY NAME

 

JOY ALUKKAS JEWELLERY LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Commercial Area

PO Box             : 1897, Ruwi 114

Town                 : Muscat

Country             : Oman

Telephone         : (968) 24797212

Facsimile          : (968) 24797181

Email                : baju@joyalukkas.com

 

Premises

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Muscat.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       City Centre                                                                                       Showroom premises

Seeb

Tel: (968) 24558034

Fax: (968) 24558909

 

 

KEY PRINCIPALS

 

     Name                                              Nationality                               Position

 

·       Joy Varghese Alukkas                       Indian                                        Managing Director

·       Yassin Bin Jaffar                               Omani                                       Director

·       K F Jose                                                -                                         Regional Manager

·       C C Baju                                                -                                         Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th August 1998

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/62235/8

 

Chamber Member No. : 2376

 

Issued Capital              : RO 70,000

 

Paid up Capital            : RO 70,000

 

Name of Shareholder (s)

·       Joy Varghese Alukkas

·       Yassin Bin Jaffar

 

 

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 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 LLC

PO Box: 12928

Dubai

Tel: (971-4) 2522900

Fax: (971-4) 2255933

 

·       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  Diamonds LLC

PO Box: 27847

Sharjah

Tel: (971-6) 5749919

Fax: (971-6) 5639626

 

·       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

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of gold and jewellery.

 

Import Countries: Europe and the Far East.

 

Brand Names: TRESTEL

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Companies registered in Oman are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box: 6326, Ruwi

     Muscat

     Tel: (968) 24701769

     Fax: (968) 24796488

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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

Indian Rupees

US Dollar

1

Rs.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.