MIRA
INFORM REPORT
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Report Date : |
15.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
VISION EXPORTS FZE |
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Registered Office : |
Sharjah Airport International Free Zone, PO Box 9641, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.06.2007 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Import and
Distribution of General Foodstuff Products and
Confectionery Items. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 30,000 |
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Status : |
New and Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : VISION EXPORTS FZE
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 12th
June 2007
Trade Licence Number : 0477, Saif Zone
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 1
Activities :
Import and distribution of general foodstuff products
& confectionery items.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 30,000
COMPANY NAME
VISION EXPORTS FZE
ADDRESS
Registered & Physical Address
Location : Sharjah
Airport International Free Zone
PO Box : 9641
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5575290
Facsimile : (971-6)
5575291
Email : vexports@emirates.net.ae
Premises
Subject operates from a small suite of offices that are rented and
located in the Sharjah Airport International Free Zone.
KEY PRINCIPALS
Name Position
· Hasan Ali Shehab
Eddine Kotadia Managing
Director
LEGAL FORM & OWNERS
Date of
Establishment : 12th
June 2007
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : 0477, Saif Zone
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
· Hasan Ali Shehab
Eddine Kotadia 100%
OPERATIONS
Activities: Engaged in the import and distribution of general
foodstuff products and confectionery items.
Import Countries: India and Europe
Subject has a workforce of 1 employee.
FINANCIAL DATA
Subject is a newly formed business and as a result financial information
is not currently available.
BANKERS
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The Standard Chartered Bank
Al Boorj Avenue
PO Box : 5
Sharjah
Tel : (971-6) 5357788
Fax : (971-6) 5335500
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Vision Exports FZE is a newly established business with operations
commencing in June 2007. It is engaged in the import and distribution of general foodstuff products and confectionery items.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the business is considered to
be a fair trade risk, however a measure of caution would be prudent given the
lack of financial and payment due to the short operating history.
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%)