MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
DUBAI WORLD |
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Registered Office : |
Sheikh Zayed
Road, PO Box 17000, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
02.07. 2006 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Holding Company |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 10,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DUBAI WORLD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 2nd July 2006
Issued Capital : UAE Dh 1,000,000,000
Paid up Capital : UAE Dh 1,000,000,000
Total Workforce : 2,000
Activities : Holding company
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 10,000,000
COMPANY NAME
DUBAI WORLD
ADDRESS
Registered & Physical Address
Location : Sheikh Zayed Road
PO Box : 17000
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8818808
Facsimile : (971-4) 8817722
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY PRINCIPALS
Name Position
·
Sultan Ahmed
Bin Sulayem Chairman
·
Jamal Majid
Bin Thaniah Vice
Chairman
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Farid Mohammed
Ahmed Secretary
General
·
Ahmed Butti
Ahmed Director
·
Saeed Ahmed
Saeed Director
·
Abdul Wahid Al
Ulama Director
·
Adel Abdulaziz
Al Shirawi Director
·
Sulaiman H Al
Mazroui General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd
July 2006
Legal Form :
Limited Liability Company -
LLC
Issued Capital : UAE Dh 1,000,000,000
Paid up Capital : UAE Dh 1,000,000,000
Name of Shareholder (s) Percentage
·
Government of
Dubai 100%
OPERATIONS
Activities: Subject operates as a holding company,
responsible for international companies involved in transport and logistics,
property development, investments, commodities, financial services, maritime
services, E-commerce, hospitality, healthcare, retail, utilities and aviation.
Subject has a
workforce of approximately 2,000 employees.
FINANCIAL DATA
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
·
National Bank
of Dubai (NBD)
Baniyas Street
PO Box : 777
Dubai
Tel : (971-4) 2222241
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Dubai World was
formed in July 2006 by the Government of Dubai to act as a holding company
responsible for international companies involved in transport and logistics,
property development, investments, commodities, financial services, maritime
services, E-commerce, hospitality, healthcare, retail, utilities and aviation.
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.
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%)