MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Date of Incorporation : |
29.08.1983 |
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Com. Reg. No.: |
4022 |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Engaged as building and construction contractors |
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$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
29th August 1983
Commercial Registration Number :
4022
Trade Licence Number :
60777
Membership Number :
1921
Issued Capital :
UAE Dh 5,000,000
Paid up Capital :
UAE Dh 5,000,000
Total Workforce :
540
Line of Business :
Building and construction contractors.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
ADDRESS
Registered & Physical Address
Location :
PO Box : 1772 & 801
Town :
Country :
Telephone : (971-9) 2010500 / 2010353
Facsimile : (971-9) 2221558
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Fujairah.
KEY PRINCIPALS
Saleh Bin
Mohamed Al Sharqi Chairman
M. A. Natafji Managing
Director
LEGAL FORM &
OWNERS
Date of Establishment : 29th
August 1983
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 4022
Trade Licence No. : 60777
Membership No. : 1921
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Name of Shareholder
(s)
Fujairah
Investment Co
Tel: (971-9) 2281888
Fax: (971-9) 2281818
Fujairah
National Group (FNG)
Tel: (971-9) 2222444
Fax: (971-9) 2222291
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
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 building and construction contractors.
Subject has a workforce of approximately 540 employees.
FINANCIAL HIGHLIGHTS
Companies registered in
BANKERS
Union National Bank (UNB)
PO Box: 268
Tel: (971-9) 2222747
Fax: (971-9) 2224851
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 within subject’s financial means.
Maximum suggested credit figure: US$ 500,000
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%)