MIRA
INFORM REPORT
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Report Date : |
4th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
SAHARA EMIRATES GENERAL CONTRACTING LLC |
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Registered Office : |
Ghunaim Building Lewa Street, 95331 Abu Dhabi, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
6th July 2004 |
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Com. Reg. No.: |
58110, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Engaged as electro mechanical
contractors. |
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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
SAHARA EMIRATES GENERAL CONTRACTING LLC |
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Country of Origin |
Abu Dhabi, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
6th July 2004 |
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Commercial Registration Number |
58110, Abu Dhabi |
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Trade Licence Number |
84235 |
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Membership Number |
104381 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
15 |
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Line of Business |
Electro mechanical contractors. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
SAHARA EMIRATES GENERAL CONTRACTING LLC
ADDRESS
Registered & Physical Address
Building : Ghunaim Building
Street : Lewa Street
PO Box : 95331
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6221402
Facsimile : (971-2) 6221403
Email : gm@saharame.com
Premises
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
Name Nationality Position
Sheikh Mojeeb Indian Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 6th July 2004
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 58110, Abu Dhabi
Trade Licence No. : 84235 (Expires 14th July 2007)
Membership No. : 104381
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s)
Sheikh Mojeeb
Unnamed Emirati sponsor
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 150,000, 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.
LINE OF BUSINESS
Operations :
Engaged as electro mechanical contractors.
Operating Trend : Steady
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/05 :
Total Revenue UAE Dh 3,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Union National Bank
UNB Building
Salam Street
PO Box : 3865
Abu Dhabi
Tel : (971-2) 6741600
Fax : (971-2) 6786080
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2004, subject is owned and managed by Sheikh Mojeeb an Indian national and acts as electro mechanical contractors.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.
Maximum suggested credit figure: US$ 100,000
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 |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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