MIRA
INFORM REPORT
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Report Date : |
07.08.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ISHRAK CONTRACTING COMPANY LLC |
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Registered Office : |
Sayed |
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Country : |
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Date of Incorporation : |
27.07.1988 |
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Com. Reg. No.: |
41027, |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
General building 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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : AL ISHRAK CONTRACTING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 27th July 1988
Commercial Registration Number :
41027,
Trade Licence Number : 217247
Membership Number : 14115
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 105
Line of Business : General building contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL ISHRAK CONTRACTING CO LLC
ADDRESS
Registered &
Physical Address
Building :
Sayed
Street :
Area : Al Suq Al Kabir
PO Box : 7002
Town :
Country :
Telephone : (971-4) 3514464
Facsimile : (971-4) 3514195
Email : aaskck@emirates.net.ae
Premises
Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Chalakkal Krishnan Kutty Indian Managing Director
Mrs Maryam Abdullah Abdul Rahim Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 27th July 1988
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. :
41027,
Trade Licence No. : 217247 (Expires 14th June 2008)
Membership No. : 14115
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
Mrs Maryam Abdullah Abdul Rahim 51%
Chalakkal Krishnan Kutty 49%
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
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 general building contractors.
Subject has a workforce of 105 employees.
FINANCIAL HIGHLIGHTS
Companies registered in
BANKERS
United Bank Ltd
Murshid Bazaar Branch
PO Box : 1000
Tel : (971-4) 2282025 / 2223191
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1988, subject is owned and managed by Mr Chalakkal
Krishnan Kutty, an Indian national who operates in
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.
Maximum suggested credit figure: US$ 200,000
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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%)