MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARABI STAR CO |
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Formerly Known As : |
ARAB STAR COMMERCIAL BROKER LLC |
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Registered Office : |
Noor Talib Building, Suite 606, Khalid Bin Walid Street, Bur
Dubai, P O Box - 45576, Dubai, |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
23.09.2003 |
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Com. Reg. No.: |
67496, Dubai |
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Legal Form : |
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company
- LLC) |
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Line of Business : |
Import and Distribution of Metal, Zinc, and Aluminium |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
ARABI STAR CO
Also Known As :
ARAB STAR COMMERCIAL BROKER LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
23rd September 2003
Commercial Registration Number :
67496, Dubai
Trade Licence Number :
549109
Membership Number :
81080
Issued Capital :
UAE Dh 600,000
Paid up Capital :
UAE Dh 600,000
Total Workforce :
5
Line of Business :
Import and distribution of metal, zinc, and
aluminium.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
ARABI STAR CO
ALSO KNOWN AS : ARAB STAR COMMERCIAL BROKER LLC
ADDRESS
Registered & Physical Address
Building : Noor Talib
Building, Suite 606
Street : Khalid Bin
Walid Street
Area : Bur Dubai
PO Box : 45576
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3514250
Facsimile : (971-4) 3515809
Mobile :
(971-50) 4587028 / 3404469
Email : aarabi@arabistar.com
Premises
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
KEY PRINCIPALS
Hussain Arabi Managing
Director
Khalil Mamran Director
Sayed Ameer Nasser Aldein Rodhane Director
Maryam Hossen Ali Ghanbrian Alavijeh Director
Hassan Samir Abbas Ahmed Sajwani Director
Khalil Ali Asghar Director
Hussain Mohamed Earabi Director
LEGAL FORM &
OWNERS
Date of Establishment : 23rd
September 2003
Legal Form :
Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 67496, Dubai
Trade Licence No. : 549109 (Expires on 19/09/2008)
Membership No. : 81080
Issued Capital : UAE
Dh 600,000
Paid up Capital : UAE
Dh 600,000
Name of Shareholder
(s)
Hussain Arabi
Khalil Mamran
Sayed Ameer Nasser Aldein Rodhane
Maryam Hossen Ali Ghanbrian Alavijeh
Hassan Samir Abbas Ahmed Sajwani
Khalil Ali Asghar
Hussain Mohamed Earabi
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 metal, zinc, and
aluminium.
Import Countries : India
Operating Trend :
Steady
Subject has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE
Dh 4,230,000 UAE Dh
4,780,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Emirates Bank International Ltd
Beniyas Road
Deira
PO Box : 2923
Dubai
Tel : (971-4) 2256256 / 2256900
Fax : (971-4) 2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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 company is considered to be a fair trade risk and the
above credit figure is 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. |
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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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%)