MIRA
INFORM REPORT
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Report Date : |
01.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SAND DUNES
CONTRACTING LLC |
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Registered Office : |
Sheikh Khalid Bin
Zayed Bin Saqr Al Nahayan Building, Salah Al Din Street, Al Mateena, P O Box 11092,
Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
27th October 1994 |
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Com. Reg. No.: |
43434, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged as sewage
and drainage contractors. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SAND DUNES CONTRACTING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 27th October 1994
Commercial Registration Number : 43434, Dubai
Trade Licence Number : 235938
Membership Number : 32324
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 50
Line of Business : Sewage and drainage contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SAND DUNES
CONTRACTING LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Khalid Bin Zayed Bin Saqr
Al Nahayan Building
Street : Salah Al Din Street
Area : Al Mateena
PO Box : 11092
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2623237
Facsimile : (971-4) 2667058
Mobile : (971-50) 4612142
Email : sanddunestrading@gmail.com
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
·
Sheikh Khalid
Bin Zayed Bin Saqr Al Nahayan Managing
Director
·
Sheikh Khalifa
Bin Zayed Bin Saqr Al Nahayan Director
LEGAL FORM &
OWNERS
Date of Establishment : 27th
October 1994
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 43434, Dubai
Trade Licence No. : 235938
Membership No. : 32324
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
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Sheikh Khalid
Bin Zayed Bin Saqr Al Nahayan 99%
·
Sheikh Khalifa
Bin Zayed Bin Saqr Al Nahayan 1%
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 sewage and drainage contractors.
Subject has a
workforce of 50 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
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Dubai Islamic
Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
1994, subject operates as sewage and drainage contractors.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s operating
history or the manner in which payments are fulfilled. As such the company is
considered to be a fair trade risk and the above credit figure is deemed to be
within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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%)