MIRA
INFORM REPORT
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Report Date : |
13.10.2008 |
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, PO Box: 4838, 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 : |
29.10.1990 |
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Com. Reg. No.: |
55517, Dubai |
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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 |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : WORLD BEST TRADING CO LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 29th October 1990
Commercial Registration Number : 55517, Dubai
Trade Licence Number : 223799
Chamber Membership Number : 5245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 9
Activities : Import and distribution of building materials and construction equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 175,000
COMPANY NAME
WORLD BEST TRADING
CO LLC
ADDRESS
Registered &
Physical Address
Building : Sultan Bin Ali Al Owais Building
Street : Baniyas Square
Area : Al Rigga, Deira
PO Box : 4838
Town : Dubai
Country : United Arab Emirates
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 :
Limited Liability Company -
LLC
Commercial Reg. No. : 55517, Dubai
Trade Licence No. : 223799
(Expires 17/10/2008)
Chamber Member No. : 5245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder (s) Percentage
·
Obaid Saeed
Rashid Khilfan Al Shamsi 51%
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Mohamed
Shereef Ganadabetty Umarabba 49%
AFFILIATED COMPANIES
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Ninja
Electronics LLC
Shop No. 3, Fikri Market
Murshid Bazaar, Deira
PO Box: 20063
Dubai
Tel: (971-4) 2257977 / 22522191
Fax: (971-4) 2258810
Email: ninjaelectronic@emirates.net.ae
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Tropical Trade
LLC
PO Box: 4838
Dubai
Tel: (971-4) 2263651
Fax: (971-4) 2263720
OPERATIONS
Activities: 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
Far East
International
Suppliers:
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Nima Timber
Enterprises Burma
Operating Trend: Steady
Subject has a
workforce of 9 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh 4,120,000 UAE Dh 5,780,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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HSBC Bank
Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel
: (971-4) 2535000
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Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box : 888
Dubai
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 Dubai under the local sponsorship of Mr
Obaid Saeed Rashid Khilfan Al Shamsi. It is engaged in the import and
distribution of building materials and construction equipment, specialising in
timber, plywood and wood products.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
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%)