MIRA
INFORM REPORT
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Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
STAR INDUSTRIAL PRODUCTS LLC |
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Registered Office : |
New
Industrial Area, PO Box : 2891, Ajman, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
1377 |
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Legal Form : |
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Importer
and Distributor of industrial equipment, including water heaters and boilers. |
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$
150,000 |
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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 |
STAR INDUSTRIAL PRODUCTS LLC |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1996 |
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Trade Licence Number |
1377 |
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Issued Capital |
UAE Dh 150,000 |
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Paid up Capital |
UAE Dh 150,000 |
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Total Workforce |
8 |
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Line of Business |
Distributors of industrial equipment. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
STAR
INDUSTRIAL PRODUCTS LLC
ADDRESS
Registered & Physical
Address
Location : New Industrial Area
PO Box : 2891
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7434389
Facsimile : (971-6) 7438085
Mobile : (971-50) 5871998
Email : zenithok@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Industrial Area of Ajman.
KEY PRINCIPALS
Name Nationality Position
·
Quraish
Mukadam Indian Managing Director
·
Sheikh
Mohamed Rashid Al Nuaimi Emirati Director
·
Ismail
Mohamed - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1996
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Trade Licence No. : 1377
Issued
Capital : UAE Dh 150,000
Paid
up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
·
Sheikh
Mohamed Rashid Al Nuaimi 51%
·
Quraish
Mukadam 49%
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 industrial equipment, including water
heaters and boilers.
Import
Countries :
Europe and the Far East.
Brand
Names : ZENITH
Operating
Trend : Steady
Subject
has a workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue UAE Dh
3,690,000 UAE
Dh 3,810,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
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Commercial
Bank of Dubai
Sheikh Humaid Abdulaziz Street
PO Box : 4199
Ajman
Tel : (971-6) 7456668
Fax : (971-6) 7449987
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1996, subject is owned and managed by Mr Quraish Mukadam, an Indian national
who operates in Ajman under the local sponsorship of Sheikh Mohamed Rashid Al
Nuaimi.
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 business is considered to be a fair trade risk and the above credit
figure is deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 150,000
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 |
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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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