MIRA
INFORM REPORT
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Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
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Name : |
POLO RAK
AMUSEMENTS LLC |
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Registered Office : |
Al Jazira
Al Hamra, |
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Country : |
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Date of Incorporation : |
1st December 2005 |
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Com. Reg. No.: |
22948, Ras Al Khaimah |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Developers of a theme park. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : POLO RAK AMUSEMENTS LLC
Country of Origin :
Ras Al Khaimah,
Legal Form : Limited Liability Company - LLC
Registration Date : 1st December 2005
Commercial Registration Number : 22948, Ras Al Khaimah
Membership Number : 60840
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 30
Line of Business : Developers of a theme park.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
POLO RAK AMUSEMENTS
LLC
ADDRESS
Registered & Physical Address
Location : Al Jazira Al Hamra
PO Box : 6581 & 4714
Town : Ras Al Khaimah
Country :
Telephone : (971-7) 2445046
Facsimile : (971-7) 2445270
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Ras Al Khaimah.
KEY PRINCIPALS
·
Balwant
Singh Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 1st
December 2005
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 22948, Ras Al
Khaimah
Membership No. : 60840
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
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Polo Amusement Park Ltd
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RAK Investment Authority (RAKIA)
· RAK Properties
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
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 : Subject is a joint venture company. It is responsible for the
development of 'WOW RAK', a multipart entertainment venue and theme park to be
set up in Ras Al Khaimah with an investment value of UAE Dh 850 million. The
theme park project will be developed over an area of 120 acres in the Khor Qurm
region.
Subject has a
workforce of 30 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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National
Bank of Ras Al Khaimah
PO Box : 5300
Ras Al Khaimah
Tel : (971-7) 2221127
Fax : (971-7) 2224202
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2005, subject is responsible
for the development of 'WOW RAK', a multipart entertainment venue and theme
park to be set up in Ras Al Khaimah
According to local
sources, subject meets its payment obligations in a timely manner and the
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 250,000
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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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%)