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Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
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Name : |
RAKEEN DEVELOPMENT PJSC |
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Registered Office : |
Al Jazeera Al Hamra PO Box 31291 & 6374 Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Year of Establishment : |
2006 |
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Legal Form : |
Private Joint Stock Company |
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Line of Business : |
Providers of real estate development and management services |
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No. of Employees : |
250 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company Name : RAKEEN DEVELOPMENT PJSC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Private Joint Stock Company
Registration Date : 2006
Issued Capital : UAE Dh 950,000,000
Paid up Capital : UAE Dh 950,000,000
Total Workforce : 250
Activities : Providers of real estate development and management services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
RAKEEN DEVELOPMENT PJSC
Location : Al Jazeera Al
Hamra
PO Box : 31291 &
6374
Town : Ras Al
Khaimah
Country : United Arab
Emirates
Telephone : (971-7) 2446562
Facsimile : (971-7)
2446561
Email : info@rakeen.com
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Ras Al Khaimah.
Name Position
· Dr Khater Massaad Chairman
· Wahid Attalla Director
· Suresh Talwar Director
· Wolfgang Hedderich Director
· A J Jaganathan Director
Date of
Establishment : 2006
Legal Form : Private Joint
Stock Company
Issued Capital : UAE Dh
950,000,000
Paid up Capital : UAE Dh 950,000,000
· RAKIA
· RAK Properties
· Al Hamra Real
Estate
· Reyada Investments
· RAK Airways
Activities: Engaged in the provision of real estate development and management
services.
Subject announced
that on March 10, 2011 it had completed its fundraising of US$ 250 million
through a combination of a Conventional Credit Facility, a Murabaha Facility
and Guaranteed Notes (together the “Financing”) placed with major European and
Middle Eastern banks. The proceeds were used for general corporate purposes
including refinancing of existing debt. Credit Suisse International (“Credit
Suisse”) was the Initial Mandated Lead Arranger and Sole Structuring Agent for
the Financing. Credit Suisse was joined by Al Hilal Bank as a Joint Mandated
Lead Arranger and HSBC as Arranger on the Murabaha Facility. First Gulf Bank
and National Bank of Oman acted as Managers on the Conventional Credit
facility. CFH Investment Banking acted as financial advisor to Rakeen. The
Conventional Credit Facility and the Murabaha Facility incorporated both Dirham
and US dollar tranches. The loan benefits from a guarantee from the Government
of the Emirate of Ras Al Khaimah (“RAK”). The Emirate of RAK is rated A (stable
outlook) for long-term foreign currency obligations by Standard & Poor’s
and A (stable outlook) by Fitch.
Subject has a workforce of approximately 250 employees.
Companies registered in Ras Al Khaimah, 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.
·
National Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7)
2221127
Fax: (971-7)
2224202
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.