MIRA
INFORM REPORT
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Report Date : |
29th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ROYAL STAR CARGO LLC |
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Registered Office : |
BMW
Road, Industrial Area No. 4, PO Box: 1268, Sharjah, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
03.10.1992 |
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Com. Reg. No.: |
23133, Sharjah |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Engaged
as shipping agents as well as providing cargo and clearance services. |
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$
40,000 |
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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 |
ROYAL STAR CARGO LLC |
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Country
of Origin |
Sharjah, United Arab Emirates |
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Legal
Form |
Limited Liability Company - LLC |
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Registration
Date |
3rd October 1992 |
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Commercial
Registration Number |
23133, Sharjah |
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Trade
Licence Number |
15871 |
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Membership
Number |
30727 |
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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 |
6 |
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Line
of Business |
Shipping agents. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
ROYAL
STAR CARGO LLC
ADDRESS
Registered & Physical Address
Street : BMW Road
Area : Industrial Area No. 4
PO Box : 1268
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5523025
Facsimile : (971-6) 5324128
Mobile : (971-50) 6502619
Premises
Subject
operates from a small suite of offices that are rented and located in the
Industrial Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Salim Salim Khamis Emirati Managing
Director
· Mekhaiel Meakeel Russian Director
LEGAL FORM & OWNERS
Date of Establishment : 3rd October 1992
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 23133, Sharjah
Trade Licence No. : 15871
Membership No. : 30727
Issued
Capital : UAE Dh 150,000
Paid
up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
· Salim Salim Khamis 51%
· Mekhaiel Meakeel 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 150,000, 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 as
shipping agents as well as providing cargo and clearance services.
Subject
has a workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, 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.
BANKERS
·
Commercial
Bank of Dubai
Baniyas Street
PO Box : 1709
Deira
Dubai
Tel :
(971-4) 2227121 / 2253222
Fax :
(971-4) 2220943 / 2254565
ACC
No. 0100193837
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1992, subject operates as shipping agents as well as providing cargo and
clearance services.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum
suggested credit figure: US$ 40,000
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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