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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
WORLD BEST TRADING CO LLC |
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Registered Office : |
Sultan Bin Ali Al Owais Building, 1st Floor, Suite No. 102
Naser Square Al Rigga, Deira PO Box 4838 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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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 : |
Subject is engaged in the import and distribution of building
materials and construction equipment, as well as roofing and waterproofing
materials. Subject also specialises in supplying timber, plywood and other
types of wood. |
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No. of Employees : |
05 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment
|
Source
: CIA |
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 : 5
Activities : Distributors of building materials and construction equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Shereef Ganadabetty Umarabba, Managing Director
WORLD BEST TRADING CO LLC
Building : Sultan Bin
Ali Al Owais Building, 1st Floor, Suite No. 102
Street : Naser Square
Area : Al Rigga,
Deira
PO Box : 4838
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2272825
/ 2263651 / 2272828 / 2263720
Facsimile : (971-4)
2221506 / 2263702
Mobile : (971-50)
6569711 / 5531846
Email : wbt@emirates.net.ae / wbtdxb@gmail.com
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Al Aweer Area Warehouse
premises
Ras Al Khor
Dubai
Tel: (971-4)
3204104
Fax: (971-4)
3204103
Name Nationality Position
· Mohamed Shereef Ganadabetty
Umarabba Indian Managing
Director
· Obaid Saeed Rashid
Khilfan Al Shamsi Emirati Director
· Wassim Shahid - Marketing
Manager
· Omar Farooq - Finance
Manager
Date of Establishment : 29th October 1990
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 55517, Dubai
Trade Licence No. : 223799 (Expires 17/10/2014)
Chamber Member No. : 5245
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Obaid Saeed Rashid
Khilfan Al Shamsi 51%
· Mohamed Shereef
Ganadabetty Umarabba 49%
· Tropical Trade LLC
PO Box: 4838
Dubai
Tel: (971-4) 2263651
Fax: (971-4) 2263720
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, readymade garments, shoes, cosmetics and
perfumes.
Import Countries: Europe and the Far East
International Suppliers:
· Nima Timber
Enterprises Burma
· Mynamar Burma
· Metal Forest Singapore
Operating Trend: Steady
Subject has a workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales UAE
Dh 8,950,000 UAE Dh
9,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Shereef Ganadabetty
Umarabba, Managing Director
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel: (971-4) 2222241
·
Habib Bank Ltd
Trade Service
Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
No complaints regarding subject’s payments have been reported.
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
|
1 |
Rs.103.44 |
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Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.