MIRA
INFORM REPORT
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Report Date : |
23rd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
DUCAST FACTORY LLC |
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Registered Office : |
Plot
No. 1434B, Sheikh Zayed Road, Al Quoz Industrial Area, PO Box: 28480, Dubai,
United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
12.10.1995 |
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Com. Reg. No.: |
45600, Dubai |
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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 cast iron. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
300,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
DUCAST FACTORY 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 |
12th October 1995 |
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Commercial
Registration Number |
45600, Dubai |
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Trade
Licence Number |
300824 |
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Membership
Number |
35485 |
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Issued
Capital |
UAE Dh 10,000,000 |
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Paid
up Capital |
UAE Dh 10,000,000 |
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Total
Workforce |
220 |
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Line
of Business |
Manufacturers of cast iron. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
DUCAST
FACTORY LLC
ADDRESS
Registered & Physical Address
Location : Plot No. 1434B
Street : Sheikh Zayed Road
Area : Al Quoz Industrial Area
PO Box : 28480
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3470777
Facsimile : (971-4) 3470707
Email : ducast@emirates.net.ae
Premises
Subject
operates from a large suite of offices and a factory that are owned and located
in the Industrial Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Anil Munish Kumar Rajan Twrani Indian Managing Director
· Taurani Arjan Dolumal Indian Director
· Ahmed Butti Ahmed Al Muhairi Emirati Director
· Saif Sultan Abdulrahman Saif Al
Shamsi Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 12th October 1995
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 45600, Dubai
Trade Licence No. : 300824 (Expires 29th May 2007)
Membership No. : 35485
Issued
Capital : UAE Dh 10,000,000
Paid
up Capital : UAE Dh 10,000,000
Name of Shareholder (s) Percentage
· Saif Sultan Abdulrahman Saif Al
Shamsi 26%
· Ahmed Butti Ahmed Al Muhairi 25%
· Taurani Arjan Dolumal 25%
· Anil Munish Kumar Rajan Twrani 24%
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 in the
manufacture of cast iron.
Import
Countries :
Europe and the Far East.
Subject
has a workforce of approximately 220 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
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
Established
in 1995, subject is owned and managed by Mr Anil Munish Kumar Rajan Twrani and
Mr Taurani Arjan Dolumal who operate in Dubai under the local sponsorship of Mr
Ahmed Butti Ahmed Al Muhairi and Mr Saif Sultan Abdulrahman Saif Al Shamsi.
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$ 300,000
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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