MIRA INFORM REPORT
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Report Date : |
18th May 2006 |
IDENTIFICATION DETAILS
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Name : |
AL GURG FOSROC CO LLC |
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Registered Office : |
Plot No. 202 Umm Ramool, Rashidiya 657, Dubai United
Arab Emirates |
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
41541,
Dubai |
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Legal Form : |
Limited
Liability Company – LLC |
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Line of Business : |
Producers
of building materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL GURG FOSROC CO LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company – LLC |
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Start Date |
1975 |
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Registration Date |
6th November 1988 |
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Commercial Registration Number |
41541, Dubai |
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Trade Licence Number |
300142 |
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Membership Number |
10278 |
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Issued Capital |
UAE Dh 3,000,000 |
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Paid up Capital |
UAE Dh 3,000,000 |
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Total Workforce |
90 |
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Line of Business |
Producers of building materials. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL GURG FOSROC CO LLC
ADDRESS
Registered & Physical Address
Location : Plot No. 202
Area : Umm Ramool, Rashidiya
PO Box : 657
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2858606 / 2858787 / 2039889
Facsimile : (971-4) 2859649 / 2852023 / 2855168
Email : agfdxb@emirates.net.ae
Premises
Subject operates from a medium size suite of offices and a factory that are owned and located in the Industrial Area of Dubai.
KEY PRINCIPALS
Easa Saleh Al Gurg Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 1975. However subject registered as a Limited Liability Company on 6th November 1988.
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 41541, Dubai
Trade Licence No. : 300142
Membership No. : 10278
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
Easa Saleh Al Gurg 51%
Foseco Trading AG 49%
Gartenstrasse 2
6301 Zug
Switzerland
Tel : (41-41) 7115424
Fax : (41-41) 7103146
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
Subject is a member of the Easa Saleh Al Gurg Group which consists of the following concerns :
Easa Saleh Al Gurg Group
Easa Saleh Al Gurg Building
Khalid Bin Walid Street
Dubai
Tel : (971-4) 3931555
Fax : (971-4) 3933900
Interiors
Umm Hurair Road
PO Box : 325
Dubai
Tel : (971-4) 3370116
Fax : (971-4) 3367657
Email : intrs@emirates.net.ae
Al Gurg Building Services Ltd Co LLC
Al Ramool Area
Rashidiya
Dubai
Tel : (971-4) 2857770
Fax : (971-4) 2858713
Al Gurg Communications
Khalid Bin Walid Street
Dubai
Tel : (971-4) 3512173
Fax : (971-4) 3512121
Al Gurg Stationery
Khalid Bin Walid Street
Dubai
Tel : (971-4) 3930899
Fax : (971-4) 3930727
Al Mashrabia Furniture Industry
Al Awir Industrial Area
PO Box : 325
Dubai
Tel : (971-4) 3330883 / 3338379
Fax : (971-4) 3522518
LINE OF BUSINESS
Operations : Engaged in the production of building
materials, including construction chemicals, adhesives, concrete mixtures,
grouts, sealants, protective coatings, surface treatments and waterproofing
materials.
Subject has been awarded the ISO 9002 certificate for the quality of its products.
Import Countries : Europe and GCC countries.
Operating Trend : Steady
Subject has a workforce of 90 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue UAE Dh 26,105,000 UAE Dh 27,320,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
Lloyds TSB Bank Plc
Al Wasl Road
PO Box 3766
Dubai
Tel: (971-4) 3422000
Fax: (971-4) 3422660
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Established in 1975, subject is involved in the production
of building materials, including construction chemicals, adhesives, concrete
mixtures, grouts, sealants, protective coatings, surface treatments and
waterproofing materials.
The business is partly owned by Mr Easa Saleh Al Gurg, a wealthy and well known Emirati businessman, and is a member of the Easa Saleh Al Gurg Group of companies.
As far as payment obligations are concerned, nothing detrimental has been heard regarding the manner in which they are conducted, and as such the company is deemed a sound trade risk and the above credit figure is admissible.
Maximum suggested credit figure: US$ 250,000
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |