MIRA
INFORM REPORT
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Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
WORLD BEST
TRADING CO LLC |
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Registered Office : |
Sultan Bin Ali Al
Owais Building, Baniyas Square, Al Rigga, Deira, P O Box 4838, Dubai |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
29th October 1990 |
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Com. Reg. No.: |
55517, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of building materials and
construction equipment, as well as roofing and waterproofing 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$ 175,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : WORLD BEST TRADING CO LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 29th October 1990
Commercial Registration Number :
55517,
Trade Licence Number : 223799
Membership Number : 5245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 9
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 :
Area : Al Rigga, Deira
PO Box : 4838
Town :
Country :
Telephone : (971-4) 2272825 / 2263651 / 2272828
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
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Mohamed
Shereef Ganadabetty Umarabba Indian Managing
Director
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Obaid
Saeed Rashid Khilfan Al Shamsi Emirati Director
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Wassim
Shahid - Marketing
Manager
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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,
Trade Licence No. : 223799
(Expires 17th October 2007)
Membership No. : 5245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s)
Percentage
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Obaid
Saeed Rashid Khilfan Al Shamsi 51%
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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
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
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Ninja
Electronics LLC
Shop No. 3, Fikri Market
Murshid Bazaar, Deira
PO Box: 20063
Tel: (971-4) 2257977 / 22522191
Fax: (971-4) 2258810
Email: ninjaelectronic@emirates.net.ae
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Tropical
Trade LLC
PO Box: 4838
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
International
Suppliers:
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Nima
Timber Enterprises
Operating Trend
: Steady
Subject has a
workforce of 9 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency :
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 3,850,000 UAE Dh
4,120,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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HSBC
Bank
Deira Souk Branch
PO Box : 66
Tel
: (971-4) 2535000
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Habib
Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Tel : (971-4) 2221281
Fax : (971-4) 2284631
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
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
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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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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%)