MIRA
INFORM REPORT
|
Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
WORLD
BEST TRADING COMPANY LLC |
|
|
|
|
Registered Office : |
Sultan
Bin Ali Al Owais Building, Baniyas Square, Al Rigga, PO Box: 4838, Dubai,
United Arab Emirates. |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
29.10.1990 |
|
|
|
|
Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
|
|
|
|
Line of Business : |
Distributors
of building materials and construction equipment. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$
175,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company
Name |
WORLD
BEST TRADING CO LLC |
|
Country
of Origin |
Dubai,
United Arab Emirates |
|
Legal
Form |
Limited
Liability Company - LLC |
|
Registration
Date |
29th
October 1990 |
|
Commercial
Registration Number |
55517,
Dubai |
|
Trade
Licence Number |
223799 |
|
Membership
Number |
5245 |
|
Issued
Capital |
UAE Dh
300,000 |
|
Paid
up Capital |
UAE Dh
300,000 |
|
Total
Workforce |
8 |
|
Line
of Business |
Distributors
of building materials and construction equipment. |
|
Financial
Condition |
Fair |
|
Payments |
Nothing
detrimental uncovered |
|
Operating
Trend |
Steady |
COMPANY NAME
WORLD
BEST TRADING CO LLC
ADDRESS
Registered & Physical Address
Building : Sultan Bin Ali Al Owais Building
Street : Baniyas Square
Area : Al Rigga
PO Box : 4838
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2272825 / 2263651
Facsimile : (971-4) 2221506 / 2263702
Email : wbt@emirates.net.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
·
Mohamed
Shereef Ganadabetty Umarabba Indian Managing
Director
·
Obaid
Saeed Rashid Khilfan Al Shamsi Emirati Director
·
Wassim
Shahid - Marketing
Manager
·
Farooq
Ali - Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : 29th October 1990
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 55517, Dubai
Trade Licence No. : 223799 (Expires 17th October
2006)
Membership No. : 5245
Issued
Capital : UAE Dh 300,000
Paid
up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Obaid
Saeed Rashid Khilfan Al Shamsi 51%
·
Mohamed
Shereef Ganadabetty Umarabba 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.
AFFILIATED COMPANIES
·
Ninja
Electronics LLC
Shop No. 3, Fikri Market
Murshid Bazaar, Deira
PO Box: 20063
Dubai
Tel :
(971-4) 2257977 / 22522191
Fax :
(971-4) 2258810
Email :
ninjaelectronic@emirates.net.ae
·
Tropical
Trade LLC
PO Box: 4838
Dubai
Tel :
(971-4) 2263651
Fax :
(971-4) 2263720
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of building materials and construction equipment, as
well as
roofing and waterproofing materials. The company specialises in supplying
timber, plywood and other types of wood.
Subject
also holds a general trade licence and occasionally deals in baby wear,
ready-made garments, shoes, cosmetics and perfumes.
Import
Countries :
Europe and the Far East.
International
Suppliers:
·
Nima
Timber Enterprises Burma
Operating
Trend : Steady
Subject
has a workforce of 8 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
3,690,000 UAE
Dh 3,850,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1990, subject is owned and managed by Mr Mohamed Shereef Ganadabetty
Umarabba, an Indian national who operates in Dubai under the local sponsorship
of Mr Obaid Saeed Rashid Khilfan Al Shamsi. It is engaged in the import and
distribution of building materials and construction equipment, specialising in
timber, plywood and wood products.
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.
Maximum
suggested credit figure: US$ 175,000
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 |
|