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MIRA
INFORM REPORT
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Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BORNA GENERAL TRADING COMPANY LLC (BGTC) |
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Registered Office : |
Radisson SAS Plaza, 15th Floor, Office 15A, Deira, PO
Box 252108, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
29.01.2006 |
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Com. Reg. No.: |
78438, Dubai |
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Legal Form : |
Limited Liability
Company - LLC |
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Line of Business : |
Distributors of Building
Materials and Construction Equipment. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 60,000 |
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Status : |
New & Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BORNA GENERAL TRADING
COMPANY LLC (BGTC)
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date : 29th
January 2006
Commercial
Registration Number : 78438,
Dubai
Trade Licence Number : 577302
Membership Number : 104202
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 4
Line of Business :
Distributors of building materials and construction equipment.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
BORNA GENERAL TRADING COMPANY LLC (BGTC)
ADDRESS
Registered & Physical Address
Building : Radisson SAS
Plaza, 15th Floor, Office 15A
Area : Deira
PO Box : 252108
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2349321
/ 2349322
Facsimile : (971-4)
2349323
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Masoud Mansoor Hadad Iranian
Managing Director
·
Maryam Bashir Khamis Al
Muramah Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 29th
January 2006
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 78438, Dubai
Trade Licence No. : 577302 (Expires 28th January
2009)
Membership No. : 104202
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Maryam Bashir Khamis Al
Muramah 51%
· Masoud Mansoor
Hadad 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 building materials and
construction equipment.
Import Countries : Europe and the Far East.
Subject has a workforce of 4 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
·
National Bank of Dubai
Baniyas Street
PO Box :
777
Dubai
Tel :
(971-4) 2222241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations undertaken in Dubai did not reveal any sign of payment defaults
or delays during initial trading stages, and subject is believed to meet its
payment obligations in a timely manner, nevertheless, and in view of the
company’s infancy and the lack of a more consistent payment and financial
record, a measure of caution is advisable and a close monitoring of subject’s
business development is recommended.
Maximum suggested credit figure: US$ 60,000
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%)