MIRA
INFORM REPORT
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Report Date : |
24th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SEDAR
EMIRATES LLC |
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Registered Office : |
Sheikh
Rashid Bin Khalifa Al Maktoum Building, Al Dhiyafah Road, Al Satwa, PO Box :
6879, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
06.04.1980 |
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Com. Reg. No.: |
42103, Dubai |
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Legal Form : |
Sharikat
Thet Massouliya Mahdoudeh (Limited Liability Company - LLC) |
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Line of Business : |
Importer
and Distributors of household electrical appliances,
furniture, carpets, decoration materials, blinds, soft furnishings and
upholstery materials. |
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$
200,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company Name |
SEDAR EMIRATES 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 |
6th April 1980 |
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Commercial Registration Number |
42103, Dubai |
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Trade Licence Number |
204404 |
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Membership Number |
6523 |
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Issued Capital |
UAE Dh 600,000 |
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Paid up Capital |
UAE Dh 600,000 |
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Total Workforce |
38 |
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Line of Business |
Distributors of household electrical appliances, furniture, carpets, decoration materials, blinds, soft furnishings and upholstery materials. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
SEDAR
EMIRATES LLC
ADDRESS
Registered & Physical Address
Building : Sheikh Rashid Bin Khalifa Al
Maktoum Building
Street : Al Dhiyafah Road
Area : Al Satwa
PO Box : 6879
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3454597 / 3456655
Facsimile : (971-4) 3452944
Email : sedar@emirates.net.ae
Premises
Subject
operates from a small suite of offices and a warehouse that are owned and
located in the Central Business Area of Dubai.
Branch Offices
Location Description
·
Al
Muraqabat Office
premises
Dubai
Tel : (971-4) 2626236
Fax : (971-4) 2688865
·
Tourist
Club Road Office
premises
Abu Dhabi
Tel
: (971-2) 6784411
Fax : (971-2) 6788055
·
Industrial
Area No. 2 Office
premises
Sharjah
Tel : (971-6) 5332255
Fax : (971-6) 5338323
·
Mandoos
Roundabout Office
premises
Al Ain
Tel
: (971-3) 7664411
Fax
: (971-3) 7661188
·
Salwa
Road Office
premises
Doha
Qatar
Tel : (974) 4694442
Fax : (974) 4694445
·
Muttrah
Attijari Office
premises
Muscat
Oman
Tel : (968-24) 790099
Fax : (968-24) 790098
KEY PRINCIPALS
Name Nationality Position
·
Mohamed
Wael Anwar Selo Canadian Managing Director
·
Farzat
Anwar Selo Canadian Director
·
Mohamed
Bachar Anwar Selo Canadian Director
·
Abdul
Karim Obaid Walid Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 6th April 1980
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 42103, Dubai
Trade Licence No. : 204404 (Expires 2nd April 2007)
Membership No. : 6523
Issued
Capital : UAE Dh 600,000
Paid
up Capital : UAE Dh 600,000
Name of Shareholder (s) Percentage
·
Abdul
Karim Obaid Walid 51%
·
Mohamed
Wael Anwar Selo 17%
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Farzat
Anwar Selo 16%
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Mohamed
Bachar Anwar Selo 16%
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 household electrical appliances, furniture, carpets,
decoration materials, blinds, soft furnishings and upholstery materials.
Import
Countries :
Europe and GCC countries.
Operating
Trend : Steady
Subject
has a workforce of 38 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
6,800,000 UAE
Dh 7,050,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
BLC
Bank (France) SA
PO Box : 4207
Al
Maktoum Street
Dubai
Tel : (971-4) 2222291
Fax : (971-4) 2279861
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1980, subject is involved in the import and distribution of household
electrical appliances, furniture, carpets, decoration materials, blinds, soft
furnishings and upholstery materials.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 200,000
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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