MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALPHA STAR WOOD
JOINERY LLC |
|
|
|
|
Registered Office : |
Real Estate
Department Warehouse, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 5239,
Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
11th July 2006 |
|
|
|
|
Com. Reg. No.: |
81543, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Manufacture of wooden
doors and windows and pre-fabricated buildings. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 75,000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ALPHA STAR WOOD JOINERY LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 11th July 2006
Commercial Registration Number : 81543, Dubai
Trade Licence Number : 582552
Membership Number : 109211
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Total Workforce : 30
Line of Business : Manufacturers of wooden doors and windows and pre-
fabricated buildings.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ALPHA STAR WOOD
JOINERY LLC
ADDRESS
Registered & Physical Address
Building : Real Estate Department Warehouse
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 5239
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2713333
Facsimile : (971-4) 7073156
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Khalid Abdullah
Ahmed Al Ghurair Emirati Managing Director
·
Ashok Kumar
Agarwal Indian Director
·
Essa Abdullah
Ahmed Al Ghurair Emirati Director
·
Aref Bukhary
Rahman Indian Director
·
Hameed Sayed
Salahuddin Indian Director
LEGAL FORM &
OWNERS
Date of Establishment : 11th
July 2006
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 81543, Dubai
Trade Licence No. : 582552
(Expires 16th June 2007)
Membership No. :
109211
Issued Capital : UAE Dh 4,000,000
Paid up Capital : UAE Dh 4,000,000
Name of Shareholder
(s) Percentage
·
Ashok Kumar
Agarwal 40%
·
Essa Abdullah
Ahmed Al Ghurair 31%
·
Khalid
Abdullah Ahmed Al Ghurair 20%
·
Aref Bukhary
Rahman 5%
·
Hameed Sayed
Salahuddin 4%
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 manufacture of wooden doors
and windows and pre-fabricated buildings.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 30 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$ 75,000
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 |
|
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%)