MIRA
INFORM REPORT
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Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAMAC INVEST CO LLC |
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Registered Office : |
Al Moosa Tower, 5th
Floor, Sheikh Zayed Road, Al Wasl, PO Box
2195, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
16.11. 1992 |
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Com. Reg. No.: |
40568, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Fund Management and the Provision of Financial Services |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DAMAC INVEST CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 16th November 1992
Commercial Registration Number : 40568, Dubai
Trade Licence Number : 229414
Chamber Membership Number : 25651
Issued Capital : UAE Dh 150,000,000
Paid up Capital : UAE Dh 150,000,000
Total Workforce : 200
Activities : Fund management and the provision of financial services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
DAMAC INVEST CO LLC
ADDRESS
Registered & Physical Address
Building : Al Moosa Tower, 5th
Floor
Street : Sheikh Zayed Road
Area : Al Wasl
PO Box : 2195
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3311189 / 3322005
Facsimile : (971-4) 3321373 / 3321356
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Hussain Ali
Habib Sajwani Emirati Managing
Director
·
Hussain Jassim
Nasser Mohamed Al Nowais Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 16th
November 1992
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 40568, Dubai
Trade Licence No. : 229414
(Expires 01/11/2008)
Chamber Member No. : 25651
Issued Capital : UAE Dh 150,000,000
Paid up Capital : UAE Dh 150,000,000
Name of Shareholder (s) Percentage
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Hussain Jassim
Nasser Mohamed Al Nowais 0.120%
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Damac
Investments & Properties Development Co PSC 99.300%
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Hussain Ali
Habib Sajwani 0.580%
OPERATIONS
Activities: Subject holds investments in portfolios of
quoted and unquoted securities in a number of markets with a focus on the
Middle East.
Investments are
divided into 4 core areas, namely strategic holdings, ownership of subsidiaries
in growth industries, long-term investments in fast growing stocks, and a
diverse portfolio of banking and services stocks.
It has over US$ 1
billion under its management.
Subject has a
workforce of approximately 200 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
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National Bank
of Ras Al Khaimah
Al Maktoum Street
PO Box : 1531
Dubai
Tel : (971-4) 2226291
Fax : (971-4) 2281312
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Damac Invest Co LLC
specialises in fund management and the provision of financial services.
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%)