MIRA INFORM REPORT

 

 

Report Date :

13.09.2007

 

IDENTIFICATION DETAILS

 

Name :

RADISSON SAS HOTEL

 

 

Registered Office :

Baniyas Road, Al Rigga, P O Box 476, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

10th October 1983

 

 

Com. Reg. No.:

14690, Dubai

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged as operators of a five star hotel.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : RADISSON SAS HOTEL

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : General Partnership

Registration Date                                   : 10th October 1983

Commercial Registration Number            : 14690, Dubai

Trade Licence Number                            : 217074

Membership Number                              : 11000

Partners Capital                                     : UAE Dh 70,000,000

Total Workforce                                     : 150

Line of Business                                    : Operators of a five star hotel.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

RADISSON SAS HOTEL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Baniyas Road

Area                 : Al Rigga

PO Box             : 476

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2227171

Facsimile          : (971-4) 2237615

Email                : dubai@interconti.com

 

 

Premises

 

Subject operates from a large hotel that is owned and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

·       Sheikh Mohamed Bin Rashid Al Maktoum                               Managing Partner

 

·       Abdulrahim Ibrahim Galadari                                                   Partner

 

·       Abdul Latif Ibrahim Galadari                                                    Partner

 

·       Mohamed Abdul Rahim Ibrahim Galadari                                 General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th October 1983

 

Legal Form                  : Sharikat Tadhamun (General Partnership)

 

Commercial Reg. No.  : 14690, Dubai

 

Trade Licence No.       : 217074 (Expires 4th June 2008)

 

Membership No.          : 11000

 

Partners Capital           : UAE Dh 70,000,000

 

 

Name of Partner (s)       Percentage

 

·       Sheikh Mohamed Bin Rashid Al Maktoum                               34%

 

·       Abdulrahim Ibrahim Galadari                                                   33%

 

·       Abdul Latif Ibrahim Galadari                                                    33%

 

Note to the Legal Form  

 

The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. The incorporation of the type of company is now restricted to UAE Nationals.

 

Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.

 

 

LINE OF BUSINESS

 

Operations : Engaged as operators of a five star hotel.

 

Subject has a workforce of 150 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

 

·       Lloyds TSB

PO Box : 3766

Dubai

Tel : (971-4) 3422000

       Fax : (971-4) 3422660

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

 

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1983, subject operates a prestigious five star hotel located in Dubai.

 

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$ 500,000

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions