MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
BESHWARI TRADING
COMPANY LLC |
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Registered Office : |
Real Estate Department Warehouse, Al Qusais Street, Al Qusais, PO Box
85600, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.01.1989 |
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Com. Reg. No.: |
54350, Dubai |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Distributors of
General Foodstuffs and Beverages |
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 : BESHWARI TRADING
COMPANY LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form : Limited
Liability Company - LLC
Registration Date : 5th
January 1989
Commercial
Registration Number : 54350,
Dubai
Trade Licence Number : 218341
Membership Number : 14685
Issued Capital : UAE Dh
300,000
Paid up Capital : UAE Dh
300,000
Total Workforce : 11
Line of Business :
Distributors of general foodstuffs and beverages.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BESHWARI TRADING COMPANY LLC
ADDRESS
Registered & Physical Address
Building : Real Estate
Department Warehouse
Street : Al Qusais
Street
Area : Al Qusais
PO Box : 85600
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2679889
Facsimile : (971-4)
2671311
Email : beshwari@emirates.net.ae
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Suburban Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Palakkal Puthan
Veetil Thamban Nambiar Indian Managing Director
· Santosh Babu
Putlat Veedu Indian Director
· Yousuf Mohamed
Mahmood Beshwari Emirati Director
LEGAL FORM & OWNERS
Date of
Establishment : 5th
January 1989
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg.
No. : 54350, Dubai
Trade Licence No. :
218341
Membership No. : 14685
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
· Yousuf Mohamed
Mahmood Beshwari 51%
· Palakkal Puthan
Veetil Thamban Nambiar 25%
· Santosh Babu
Putlat Veedu 24%
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 general
foodstuffs and beverages.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 11 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue UAE
Dh 8,100,000 UAE
Dh 8,310,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank of Baroda
PO Box : 3162
Dubai
Tel : (971-4)
5531955
Fax : (971-4)
5536962
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1989, subject is owned and managed by Mr Palakkal Puthan
Veetil Thamban Nambiar and Mr Santosh Babu Putlat Veedu who are Indian
nationals operating in Dubai under the local sponsorship of Mr Yousuf Mohamed
Mahmood Beshwari.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
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%)