MIRA
INFORM REPORT
|
Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
V V & SONS
LLC |
|
|
|
|
Registered Office : |
Rashid Ar Rashid
Yateem Building, Al Faheidi Street, Al Suq Al Kabir, P O Box 105, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Date of Incorporation : |
1958 |
|
|
|
|
Com. Reg. No.: |
40121, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Engaged in the import
and distribution of electronic products, batteries, luggage, toiletries and
general foodstuff products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 350,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : V V & SONS LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Start Date : 1958
Registration Date : 7th August 1968
Commercial Registration Number : 40121, Dubai
Trade Licence Number : 204549
Membership Number : 273
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 300
Line of Business : Distributors of electronic products, batteries, luggage, toiletries
and general foodstuff products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
V V & SONS LLC
ADDRESS
Registered & Physical Address
Building : Rashid Ar Rashid Yateem Building
Street : Al Faheidi Street
Area : Al Suq Al Kabir
PO Box : 105
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3532444
Facsimile : (971-4) 3535856
Email : proinfo@vvsons.ae
Premises
Subject operates from
a large suite of offices and a showroom that are rented and located in the
Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Ajay
Bhagwandas Karani Indian Managing Director
·
Karani Subhas
Vithaldas Indian Director
·
Ali Mohamed
Ali Bel Rahif Emirati Director
LEGAL FORM & OWNERS
Date of Establishment : 1958, however
subject was registered on 7th August 1968.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 40121, Dubai
Trade Licence No. : 204549
(Expires 4th February 2008)
Membership No. : 273
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder (s)
Percentage
·
Ali Mohamed
Ali Bel Rahif 51%
·
Ajay Bhagwandas
Karani 25%
·
Karani Subhas
Vithaldas 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
electronic products, batteries, luggage, toiletries and general foodstuff
products.
Import Countries
: Europe and the Far East.
Brand Names : MARANTZ, NAD, DENON, NAKAMICHI, SANSUI,
NEXO, CAMCO and PEAVEY.
Subject has a
workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Dubai, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Abu Dhabi
Commercial Bank
Al Rigga Road
PO Box : 5550
Dubai
Tel : (971-4) 2958888 / 3228141
Fax : (971-4) 2959310 / 3279632
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1968, subject is owned and managed by Mr Ajay Bhagwandas Karani and Mr Karani
Subhas Vithaldas who are Indian nationals operating in Dubai under the local
sponsorship of Mr Ali Mohamed Ali Bel Rahif.
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.
Maximum suggested
credit figure: US$ 350,000
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)