MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

JOY ALUKKAS JEWELLERY LLC

 

 

Formerly Known As :

ALUKKAS JEWELLERY LLC

 

 

Registered Office :

New Century City Tower, 9th Floor, Deira, P O Box: 12928, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

13.11.1988

 

 

Com. Reg. No.:

43636, Dubai

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Wholesale and Retail of jewellery and precious stones, necklace sets, bangles, bracelets, chains, earrings, pendants, rings and coins.

 

 

No. of Employees :

400

 

 

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 :

Regular

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

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                                     : 400

Activities                                               : Wholesaler and retailer of jewellery and precious stones.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Joby Chen, Assistant Finance Manager

COMPANY NAME

 

JOY ALUKKAS JEWELLERY LLC

 

 

PREVIOUSLY KNOWN AS

 

ALUKKAS JEWELLERY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : New Century City Tower, 9th Floor

Area                 : Deira

 

PO Box             : 12928

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2522900

Facsimile          : (971-4) 2255933

Mobile               : (971-50) 6252623 / 6518173

Email                : alukkas@alukkas.com / finance@joyalukkas.com / thomas@joyalukkas.com

 

Please note that subject’s previous address was, Gold Centre (Gold Land Building), 3rd Floor, Al Khor Street, Al Ras, Deira, Dubai.

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                      Nationality       Position

 

·       Joy Varghese Alukkas                                                  Indian             Managing Director

 

·       Jassim Mohamed Ibrahim Abdullah Al Hasawi   Emirati                        Director

 

·       Justin Sunny                                                                    -                Administration Manager

 

·       Jibin Tom                                                                         -                Commercial Manager

 

·       Thomas Sackarya                                                            -                Finance Manager

 

·       Joby Chen                                                                       -                Assistant Finance 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

 

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%

 

·       Joy Varghese Alukkas                                                    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 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  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 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

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                    Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                    UAE Dh 1,371,000,000               UAE Dh 1,398,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Joby Chen, Assistant Finance Manager

 

 

BANKERS

 

·       Emirates National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222555

     Fax: (971-4) 2221110

 

·       Mashreq Bank Plc

Deira Branch

PO Box: 1250

Dubai

Tel: (971-4) 2229131 / 2221134

Fax: (971-4) 2233784

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.81

UK Pound

1

Rs.100.06

Euro

1

Rs.78.47

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.