MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GULF
STREAM CONTRACTING LLC |
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Registered Office : |
Al
Suwaidi Building, Sheikh Zayed Road, 4th Interchange, PO Box:
75278 & 72578, Dubai, United Arab Emirates. |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
05.07.2005 |
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Com. Reg. No.: |
74944, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
as general building contractors. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
70,000 |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
GULF STREAM CONTRACTING LLC |
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Country
of Origin |
Dubai, United Arab Emirates |
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Legal
Form |
Limited Liability Company - LLC |
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Registration
Date |
5th July 2005 |
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Commercial
Registration Number |
74944, Dubai |
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Trade
Licence Number |
570977 |
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Membership
Number |
98925 |
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Issued
Capital |
UAE Dh 500,000 |
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Paid
up Capital |
UAE Dh 500,000 |
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Total
Workforce |
15 |
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Line
of Business |
General building contractors. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
GULF
STREAM CONTRACTING LLC
ADDRESS
Registered & Physical Address
Building : Al Suwaidi Building
Street : Sheikh Zayed Road
Area : 4th Interchange
PO Box : 75278 & 72578
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3412608
Facsimile : (971-4) 3412601
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Partha Pratim Ghosal Indian Managing Director
· Abdulrahman Mohamed Taher Wali
Abdullah Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 5th July 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 74944, Dubai
Trade Licence No. : 570977 (Expires 4th July 2007)
Membership No. : 98925
Issued
Capital : UAE Dh 500,000
Paid
up Capital : UAE Dh 500,000
Name of Shareholder (s)
Percentage
· Abdulrahman Mohamed Taher Wali
Abdullah 51%
· Partha Pratim Ghosal 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 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.
LINE OF BUSINESS
Operations
: Engaged as
general building contractors.
Subject
has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
Emirates
Bank International Ltd
Baniyas Road
PO Box : 2923
Deira
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
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 Dubai 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$ 70,000
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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