MIRA
INFORM REPORT
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Report Date : |
31st
January, 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
SOROUH REAL ESTATE COMPANY PJSC |
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Registered Office : |
Dubai Mall, 5th Floor,
East Tower, ourist
Club Zone, PO Box: 2655 & 93666, Abu Dhabi, United Arab
Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
17.04.2005 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Engaged
in real estate investment and project development. |
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$
500,000 |
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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 |
SOROUH REAL ESTATE COMPANY PJSC |
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Country
of Origin |
Abu Dhabi, United Arab Emirates |
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Legal
Form |
Public Joint Stock Company |
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Registration
Date |
17th April 2005 |
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Trade
Licence Number |
88550 |
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Membership
Number |
111335 |
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Issued
Capital |
UAE Dh 250,000,000 |
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Paid
up Capital |
UAE Dh 250,000,000 |
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Total
Workforce |
25 |
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Line
of Business |
Real estate investment and project development |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
SOROUH REAL ESTATE COMPANY PJSC
ADDRESS
Registered & Physical Address
Building : Dubai
Mall, 5th Floor, East Tower
Area : Tourist Club Zone
PO Box : 2655
& 93666
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 4440006
/ 6444434
Facsimile : (971-2) 4440066
Email :
malnoobi@sorouh.com
Premises
Subject
operates from a medium sized suite of offices that are rented and located in
the Central Business Area of Abu Dhabi.
KEY PRINCIPALS
· Saeed Eid Saeed Al Ghafli Chairman
· Faris Suhail Al Yabhony Al Dhaheri Director
· Yousif Mohamed Ali Nasser Alnowais Director
· Mubarak Matar Mubarak Balqubaa Al Hamiri Director
· Saeed Mubarak Rashed Saeed Director
· Fardan Hassan Ibrahim Alfardan Director
· Mohamed Ahmed Saeed Alqassimi Director
· Mounir D. Haidar Chief
Executive Officer
LEGAL FORM & OWNERS
Date of Establishment : 17th April 2005
Legal Form : Public Joint Stock Company
Trade Licence No. : 88550 (Valid until 30/6/2007)
Membership No. : 111335
Issued
Capital : UAE Dh 250,000,000
Paid
up Capital : UAE Dh 250,000,000
Name of Shareholder (s)
· Saeed Eid Saeed Al Ghafli
· Faris Suhail Al Yabhony Al Dhaheri
· Yousif Mohamed Ali Nasser Alnowais
· Mubarak Matar Mubarak Balqubaa Al Hamiri
· Saeed Mubarak Rashed Saeed
· Fardan Hassan Ibrahim Alfardan
· Mohamed Ahmed Saeed Alqassimi
· Members of the general public
& private investors
LINE OF BUSINESS
Operations: Engaged in real estate
investment and project development. Subject’s current project portfolio includes
the Khalida Village, Oyoun Village, The Gate District, Shams Abu Dhabi and Golf
Gardens.
Subject
has a workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
Abu Dhabi Commercial Bank
Abu Dhabi Commercial Bank
Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel :
(971-2) 6962222 / 6962222
Fax :
(971-2) 6776499 / 6776499
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Sorouh Real Estate Company PJSC is a relatively new business with
operations commencing in April 2005. It is engaged in real estate investment
and project development.
According
to local sources subject is making steady progress in the local business market
and nothing detrimental has been reported regarding the manner in which
payments are fulfilled. As such the business is considered to be a fair trade
risk.
Maximum
suggested credit figure: US$ 500,000
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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