MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
DAR ALROKHAM LLC |
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Registered Office : |
Real Estate
Department Factory, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 35851,
Dubai |
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Country : |
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Date of Incorporation : |
14th July 1982 |
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Com. Reg. No.: |
40386, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the manufacture
of concrete tiles and mosaics and the cutting, grinding and polishing of
marble. |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : DAR ALROKHAM LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 14th July 1982
Commercial Registration Number :
40386,
Trade Licence Number : 208032
Membership Number : 9413
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 1,060
Line of Business : Manufacturers of concrete tiles and mosaics and the cutting,
grinding and polishing of marble.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
DAR ALROKHAM LLC
ADDRESS
Registered & Physical Address
Building : Real Estate Department Factory
Street :
Area : Jebel Ali Free Zone
PO Box : 35851
Town :
Country :
Telephone : (971-4) 8802545
Facsimile : (971-4) 8801943
Email : mail@ahm.ae
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
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Riad
Toufiq Mahmood Al Sadeq Emirati Managing Director
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Hasaana
Subahi Ahmed Al Saddiq Emirati Director
LEGAL FORM &
OWNERS
Date of Establishment : 14th
July 1982
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40386,
Trade Licence No. : 208032
(Expires 26th June 2008)
Membership No. : 9413
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
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Hasaana
Subahi Ahmed Al Saddiq 51%
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Riad
Toufiq Mahmood Al Sadeq 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
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 in the manufacture of concrete
tiles and mosaics and the cutting, grinding and polishing of marble.
Import Countries
:
Subject has a
workforce of approximately 1,060 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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Union
National Bank
PO Box : 6811
Tel : (971-4) 2211188
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1982, subject is involved in the manufacture of concrete tiles and mosaics and the
cutting, grinding and polishing of marble.
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 and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 350,000
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. |
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%)