MIRA INFORM REPORT

 

 

Report Date :

17.11.2006

 

IDENTIFICATION DETAILS

 

Name :

ALUMA SYSTEMS (MIDDLE EAST) LLC

 

 

Registered Office :

Hamd Khamis Building, Al Qusais, P. O. Box 102947, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

10th September 2006

 

 

Com. Reg. No.:

999268

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Import, distribution and rental of scaffolding equipment.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

US$ 40,000

 

 

Status :

New Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : ALUMA SYSTEMS (MIDDLE EAST) LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 10th September 2006

Commercial Registration Number            : 999268, Dubai

Trade Licence Number                            : 585707

Membership Number                              : 110853

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 20

Line of Business                                    : Distributors and renters of scaffolding equipment.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

ALUMA SYSTEMS (MIDDLE EAST) LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Hamd Khamis Building

Area                 : Al Qusais

PO Box             : 102947

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2730808 / 3413717

Facsimile          : (971-4) 3413727

Email                : mail@aluma.ae

 

 

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

 

     Name                                                           Nationality                     Position

 

·       David John Westekn                                      American                      Managing Director

 

·       Satefean Faransies Tesdal                             Canadian                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th September 2006

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)

 

Commercial Reg. No.  : 999268, Dubai

 

Trade Licence No.       : 585707 (Expires 9th September 2007)

 

Membership No.          : 110853

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

 

 

Name of Shareholder (s)          Percentage

 

·       Unnamed Emirati Sponsor                                                                 51%

 

·       Aluma Sestemr Kokarkar                                                                   49%

The Netherlands

    

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, distribution and rental of scaffolding equipment.

 

Import Countries : Europe and GCC countries.

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       Lloyds TSB Bank

Al Wasl Road

Jumeirah

Dubai

       Tel : (971-4) 3422000

    

 

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$ 40,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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