MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BEDEIL GENERAL TRADING LLC |
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Registered Office : |
Fikree Building, Ground Floor, Suite No. 27, Al Rifaa, PO Box 52018,
Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
18.07.1990 |
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Com. Reg. No.: |
41639, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Wholesale and Retail of Textiles, Ready Made Garments and
Footwear |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BEDEIL GENERAL TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th July 1990
Commercial Registration Number : 41639, Dubai
Trade Licence Number : 223316
Membership Number : 19681
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 14
Line of Business : Wholesale and retail of textiles, ready made garments and footwear.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BEDEIL GENERAL TRADING LLC
ADDRESS
Registered & Physical Address
Building : Fikree
Building, Ground Floor, Suite No. 27
Area : Al Rifaa
PO Box : 52018
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3939875
Facsimile : (971-4)
3939876
Email : bedeil@emirates.net.ae
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
· Pratap Kapoor Indian Managing Director
· Kan Singn Kapoor Indian Director
· Harvinder Kapoor Indian Director
· Tariq Salem Obaid
Bin Suwaidan Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 18th
July 1990
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 41639, Dubai
Trade Licence No. : 223316 (Expires 14/07/2010)
Membership No. : 19681
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s) Percentage
· Tariq Salem Obaid
Bin Suwaidan 51%
· Pratap Kapoor 17%
· Kan Singn Kapoor 16%
· Harvinder Kapoor 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 wholesale and retail of textiles, ready made garments
and footwear.
Import Countries: Singapore and India.
Operating Trend : Steady
Subject has a workforce of 14 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue UAE
Dh 16,900,000 UAE Dh
18,670,000
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
·
National Bank of Ras Al Khaimah
NBRAK Building
PO Box : 5300
Ras Al Khaimah
Tel : (971-7)
2221127
Fax : (971-7)
2224202
Acc No. 0033-181843-001
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk and the above
credit figure is 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. |
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%)