MIRA
INFORM REPORT
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Report Date : |
29th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
ALPHA STAR TRADING LLC |
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Registered Office : |
Abdullah Saad Ash Sharif Building Naif, 5239 & 80955 Dubai, United Arab Emirates |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
3rd May 2005 |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Distributors of electromechanical products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
ALPHA STAR TRADING LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
3rd May 2005 |
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Trade Licence Number |
568687 |
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Membership Number |
103337 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of electromechanical products. |
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Financial Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
ALPHA STAR TRADING LLC
ADDRESS
Registered & Physical Address
Building : Abdullah Saad Ash Sharif Building
Area : Naif
PO Box : 5239 & 80955
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2713333 / 2729479
Facsimile : (971-4) 7073156 / 2729521
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Philip Lusk Managing Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd May 2005
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Trade Licence No. : 568687 (Expires 2nd May 2007)
Membership No. : 103337
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Prime Technologies LLC 100%
Saeed Bin Nasser Building
PO Box : 26736
Dubai
Tel : (971-4) 2695692
Fax : (971-4) 2696793
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 United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
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 in the import and distribution of electromechanical products.
Import Countries : Europe and the United States of America.
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information is not currently available.
BANKERS
Commercial Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel : (971-4) 2227121 / 2253222
Fax : (971-4) 2220943 / 2254565
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Investigations undertaken in Dubai did not reveal any sign of payment defaults or delays during initial trading stages, and subject is believed to meet its payment obligations in a timely manner, nevertheless, and in view of the company’s infancy and the lack of a more consistent payment and financial record, a measure of caution is advisable and a close monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 50,000
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/normal. |
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 |