MIRA
INFORM REPORT
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Report Date : |
02.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VITAL EXIM LTD |
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Registered Office : |
Fujairah Free
Zone, Block B, Office No. 19, PO Box 3019, Fujairah |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.07.1999 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and Distribution of Medical Products and Scientific
Equipment |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : VITAL EXIM LTD
Country of Origin : Fujairah, United Arab Emirates
Legal Form : Free Zone Company - FZC
Registration Date : 10th July 1999
Trade Licence Number : 1161
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 4
Activities : Import and distribution of medical products and scientific equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : M. Mokesh, Sales Manager
COMPANY NAME
VITAL EXIM LTD
ADDRESS
Registered & Physical Address
Location : Fujairah Free Zone, Block B,
Office No. 19
PO Box : 3019
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2281088 / 2228936
Facsimile : (971-9) 2281099 / 2228937
Email : vitalex@emirates.net.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Fujairah Free
Zone.
KEY PRINCIPALS
Name Position
·
Aalok Bhageria Managing
Director
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M.
Mokesh Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
July 1999
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 1161
(Expires 31/12/2008)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Aalok Bhageria 100%
OPERATIONS
Activities: Engaged in the import and distribution of
medical products and scientific equipment.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a workforce
of 4 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/07:
Total Sales UAE
Dh 7,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National Bank
of Fujairah
PO Box 887
Fujairah
Tel: (971-9) 2224518 / 2224513
Fax: (971-9) 2224516 / 2229470
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction September
2007
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in
1999, subject is owned and managed by Mr Aalok Bhageria who is well respected
in the local business community.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.52 |
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UK Pound |
1 |
Rs.75.08 |
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Euro |
1 |
Rs.63.72 |
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%)