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Report No. : |
345596 |
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Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
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Name : |
JOY ALUKKAS JEWELLERY LLC |
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Formerly Known As : |
ALUKKAS JEWELLERY LLC |
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Registered Office : |
New Century City Tower, 9th Floor, Deira, 12928, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
13.11.1988 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the wholesale and retail of
jewellery and precious stones, necklace sets, bangles, bracelets, chains, earrings,
pendants, rings and coins. |
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No. of Employees : |
400 |
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 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
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 :
Regular
Operating Trend : Steady
Person Interviewed : Joby Chen, Assistant Finance Manager
JOY ALUKKAS JEWELLERY LLC
PREVIOUSLY KNOWN AS: ALUKKAS JEWELLERY LLC
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 / 2522922
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. Please also note that the subject’s PO Box number is 12928 and not 1298.
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
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
Date
of Establishment : 13th
November 1988
Legal
Form : Limited
Liability Company - LLC
Commercial
Reg. No. :
43636, Dubai
Trade
Licence No. : 217959
(Expires 26/10/2015)
Chamber
Member No. : 9635
Issued Capital : UAE
Dh 300,000
Paid up Capital :
UAE Dh 300,000
· Jassim
Mohamed Ibrahim Abdullah Al Hasawi 51%
· Joy
Alukkas Holding Inc 49%
British Virgin Islands
· 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 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
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 highlights provided by local sources are given
below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/03/13: Year Ending
31/03/14: Year Ending
31/03/15:
Total Sales UAE
Dh 1,068,435,000 UAE Dh
1,164,812,000 UAE Dh
1,293,548,000
Local sources consider subject’s financial condition to be
Good.
The above figures were provided by Mr Joby Chen, Assistant Finance Manager
·
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
Regular
Please note that the correct name of the subject is “Joy Alukkas
Jewellery LLC” and not “Joy Alukas LLC”.
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.64.82 |
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UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.75 |
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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Report Prepared
by : |
TRU |
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.