MIRA
INFORM REPORT
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Report Date : |
27th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
VVF
FZE |
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Registered Office : |
Sheikh
Zayed Road, Jebel Ali Free Zone, PO Box : 61337, Dubai, United Arab Emirates |
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Country : |
United
Arab Emirates |
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Date of Incorporation : |
28.04.2003 |
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Legal Form : |
Mouassasat
Al Mintaka Al Horra (Free Zone Establishment - FZE) |
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Line of Business : |
Manufacturers of soaps and detergents. |
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 |
VVF FZE |
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Country of Origin |
Dubai, United Arab Emirates |
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Legal Form |
Free Zone Establishment - FZE |
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Registration Date |
28th April 2003 |
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Trade Licence Number |
3179 |
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Membership Number |
76344 |
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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 |
60 |
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Line of Business |
Manufacturers of soaps and detergents. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
VVF FZE
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 61337
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8832204
Facsimile : (971-4) 8832205
Email : vvffze@emirates.net.ae
Premises
Subject
operates from a medium sized suite of offices and a factory that are rented and
located in the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
·
James
Fernandes Indian Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 28th April 2003
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 3179 (Expires 27th April 2007)
Membership No. : 76344
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
Percentage
·
James
Fernandes 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 manufacture of soaps and
detergents.
Import
Countries : Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 60 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
11,700,000 UAE Dh
12,380,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box : 749
Dubai
Tel :
(971-4) 2522100
Fax :
(971-4) 2524942
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000:
Established
in 2003, subject is involved in the manufacture of soaps and detergents.
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 business is considered to be a fair trade risk and the above credit
figure is deemed 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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