MIRA
INFORM REPORT
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Report Date : |
22nd
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
VISION
GENERAL TRADING FZE |
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Registered Office : |
Ajman
Free Zone, PO Box : 2546, Ajman, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
11.05.1999 |
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Legal Form : |
Mouassasat
Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Importer
and Distributors of safety products and providers of
gas regulation services. |
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$
150,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
VISION GENERAL TRADING FZE |
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Country of Origin |
Ajman, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
11th May 1999 |
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Trade Licence Number |
68 |
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Membership Number |
24914 |
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Issued Capital |
UAE Dh 1,000,000 |
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Paid up Capital |
UAE Dh 1,000,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of safety products and providers of gas regulation services. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
VISION
GENERAL TRADING FZE
ADDRESS
Registered & Physical Address
Location : Ajman Free Zone
PO Box : 2546
Town : Ajman
Country : United Arab Emirates
Telephone : (971-6) 7406797
Facsimile : (971-6) 7406799
Mobile : (971-50) 2238359 / 7699628
Email : visionfze@gmail.com
Premises
Subject
operates from a small suite of offices and a warehouse that are rented and
located in the Free Zone Area of Ajman.
KEY PRINCIPALS
·
Mobeina
Khatoon Managing
Director
·
Salman
Raza Mahfouz Al Rahman General
Manager
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Pramod
Poduval Purchasing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 11th May 1999
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 68
Membership No. : 24914
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
·
Mobeina
Khatoon 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and
distribution of safety products and providers of gas regulation services.
Import
Countries:
Europe and the Far East.
Operating
Trend: Steady
Subject
has a workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/04: Year Ending
31/12/05:
Total
Revenue UAE Dh
3,800,000 UAE Dh
4,150,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Dubai
Islamic Bank
PO Box : 1080
Dubai
Tel :
(971-4) 2953000
Fax :
(971-4) 2954111
Acc No. 09520171754501
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 1999, subject is involved in the import and distribution of safety products
and providers of gas regulation services.
According
to local sources, subject’s financial condition is satisfactory whilst payments
are made in a timely manner. The company’s operating history is reportedly
clear and the above credit figure is considered to be within subject’s
financial means.
Maximum
suggested credit figure: US$ 150,000
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/normal. |
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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