MIRA INFORM REPORT
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Report Date : |
22nd May 2006 |
IDENTIFICATION DETAILS
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Name : |
BIN
SIDON TRADING CO LLC |
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Registered Office : |
Naser Bin Abdul Latif As
Serkal Building Sikkat Al Khail Street Al Bateen, 12430 Dubai,
United Arab Emirates |
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Date of Incorporation : |
1st
March 1978 |
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Com. Reg. No.: |
45220,
Dubai |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Distributors
of ready made garments, luggage, perfumes and cosmetics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 |
BIN SIDON TRADING CO LLC |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1st March 1978 |
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Commercial Registration Number |
45220, Dubai |
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Trade Licence Number |
205472 |
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Membership Number |
4037 |
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Issued Capital |
UAE Dh 300,000 |
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Paid up Capital |
UAE Dh 300,000 |
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Total Workforce |
4 |
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Line of Business |
Distributors of ready made garments, luggage, perfumes and cosmetics |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
BIN SIDON TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Naser Bin Abdul Latif As Serkal Building
Street : Sikkat Al Khail Street
Area : Al Bateen
PO Box : 12430
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2269122 / 2255231
Facsimile : (971-4) 2251076
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
Amer Mohamed Sidon Yemeni Managing Director
Ali Mohamed Sidon Almahri Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 1st March 1978
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited
Liability Company - LLC)
Commercial Reg. No. : 45220, Dubai
Trade Licence No. : 205472 (Expires 18th March 2007)
Membership No. : 4037
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
Ali Mohamed Sidon Almahri 51%
Amer Mohamed Sidon 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 ready made garments, luggage, perfumes and cosmetics.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 4 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 4,400,000 UAE Dh 4,510,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Dubai Islamic Bank
PO Box : 1080
Dubai
Tel : (971-4) 2953000
Fax : (971-4) 2954111
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1978, subject is involved in the import and
distribution of ready made garments, luggage, perfumes and cosmetics.
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
RATING
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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 |