MIRA
INFORM REPORT
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Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
VITASWISS LIMITED |
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Registered Office : |
Sheikh Zayed
Road, Jebel Ali Free Zone, PO Box 61069, Dubai |
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Country : |
United Arab Emirates |
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Date of
Incorporation : |
07.09.1994 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and Distribution of stationery, drawing and writing
instruments, air conditioning units, spectacles and contact lenses,
sunglasses, beauty and personal care requisites, perfumes and cosmetics,
veterinary medicines, and electrical
appliances |
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 : VITASWISS LIMITED
Country of Origin : Isle of Man
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 7th September 1994
Trade Licence Number : 986
Chamber Membership Number : 32008
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
Total Workforce : 7
Activities : Import and distribution of stationery, drawing and writing instruments, air conditioning units, spectacles and contact lenses, sunglasses, beauty and personal care requisites, perfumes and cosmetics, veterinary medicines, and electrical appliances
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 150,000
COMPANY NAME
VITASWISS LIMITED
ADDRESS
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 61069
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8836504
Facsimile : (971-4) 8837157
Mobile : (971-50) 6442601
Email : hmiraj@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in the
Jebel Ali Free Zone.
KEY PRINCIPALS
Name Position
·
Ali Meeraj General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 7th
September 1994
Legal Form :
Subject is the United Arab
Emirates registered branch of Vitaswiss Limited, a Limited
Liability Company incorporated in the Isle
of Man.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we strongly advise that any
international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the Isle of Man.
Trade Licence No. : 986
Chamber Member No. : 32008
Issued Capital : UAE Dh 1,500,000
Paid up Capital : UAE Dh 1,500,000
OPERATIONS
Activities: Engaged in the import and distribution of
stationery, drawing and writing instruments, air conditioning units, spectacles
and contact lenses, sunglasses, beauty and personal care requisites, perfumes
and cosmetics, veterinary medicines, and electrical appliances.
Import
Countries: Europe, China
and India
Subject has a
workforce of 7 employees.
FINANCIAL DATA
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
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Emirates Bank
International Ltd
Jebel Ali Free Zone Branch
PO Box: 2923
Dubai
Tel: (971-4) 8815551
Fax: (971-4) 8815545
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 and the above credit figure is
within subject’s financial means.
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%)