MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AL ARABIAH POLYSTYRENE INSULATION & BLOCK INDUSTRIES LLC |
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Registered Office : |
RAK
Industrial Area, PO Box: 3630, Ras Al Khaimah, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
December
2006 |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
in the manufacture of insulation materials and polystyrene. |
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$
50,000 |
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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 |
AL ARABIAH POLYSTYRENE INSULATION & BLOCK INDUSTRIES LLC |
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Country of
Origin |
Ras Al Khaimah, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration
Date |
December 2006 |
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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 |
5 |
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Line of Business |
Manufacturers of insulation materials and polystyrene. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
AL
ARABIAH POLYSTYRENE INSULATION & BLOCK INDUSTRIES LLC
ADDRESS
Registered & Physical Address
Location : RAK Industrial Area
PO Box : 3630
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2272801
Facsimile : (971-7) 2272802
Premises
Subject
operates from a small suite of offices and a factory that are rented and
located in the Industrial Area of Ras Al Khaimah.
KEY PRINCIPALS
Name Nationality Position
· Nader Saif Jordanian Managing Director
· Mansour Al Safadi Syrian Director
· Saeed Saleh Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : December 2006
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s)
· Nader Saif
· Mansour Al Safadi
· Saeed Saleh
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 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.
AFFILIATED COMPANIES
· Regency House Building
Construction LLC
PO Box : 3630
Ras
Al Khaimah
Tel
: (971-7) 2272801
Fax : (971-7) 2272802
Email : regencyn@emirates.net.ae
LINE OF BUSINESS
Operations
: Engaged in the
manufacture of insulation materials and polystyrene.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
National
Bank of Ras Al Khaimah
NBRAK Building
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
Opinion
on the credit figure of US$ 150,000:
Investigations
undertaken in Ras Al Khaimah did not reveal any sign of payment defaults or
delays during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 50,000
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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