MIRA INFORM
REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
VETCO INTERNATIONAL LLC |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
14.03.1978 |
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Com. Reg. No.: |
42812, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of textiles, fabrics and readymade garments |
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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : VETCO INTERNATIONAL LLC
Country of Origin :
Legal Form : Limited Liability Company - LLC
Registration Date : 14th March 1978
Commercial Registration Number : 42812,
Trade Licence Number : 202705
Chamber Membership Number : 4064
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Total Workforce : 18
Activities : Distributors of textiles, fabrics and readymade garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Mahdeeb Narwani, Finance Manager
COMPANY NAME
VETCO INTERNATIONAL
LLC
company ADDRESS
Registered & Physical Address
Building : Al Thuraya Tower, 4th
Floor, Office No. 401
Street :
Area : Souq Al Kabir, Bur
PO Box : 12606
Town :
Country :
Telephone : (971-4) 3515566
Facsimile : (971-4) 3517373
Email : vetcointl@emirates.net.ae / vetco@vetcointl.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
·
Jethwani
Bhagwandas Verhomal Indian Managing
Director
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Jethwani
Kishinchand Verhomal Indian Director
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Lokesh
Bhagwandas Jethwani Indian Director
·
Vikram
Vijay Kumar Jethwani Indian Director
·
Manish
Kishinchand Jethwani Indian Director
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Pravesh
Vijay Kumar Jethwani Indian Director
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Vijay
Kumar Verhomal Jethwani Indian Director
·
Ibrahim
Mohamed Abdullah Al Bannai Emirati Director
·
Mahdeeb
Narwani - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 14th
March 1978
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 42812,
Trade Licence No. : 202705
Chamber Member No. : 4064
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
Name of Shareholder
(s) Percentage
·
Ibrahim
Mohamed Abdullah Al Bannai 51%
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Jethwani
Bhagwandas Verhomal 10%
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Jethwani
Kishinchand Verhomal 10%
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Lokesh
Bhagwandas Jethwani 7%
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Vikram
Vijay Kumar Jethwani 6%
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Manish
Kishinchand Jethwani 6%
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Pravesh
Vijay Kumar Jethwani 6%
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Vijay
Kumar Verhomal Jethwani 4%
AFFILIATED COMPANIES
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Vetco
Garments Ltd
PO Box: 435
Tel: (971-6) 7436093
Fax: (971-6) 7436193
OPERATIONS
Activities: Engaged in the import and distribution of
textiles, fabrics and readymade garments.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 18 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales UAE Dh
12,900,000 UAE Dh
13,700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Mashreq
Bank Plc
Deira Branch
PO Box: 1250
Tel: (971-4) 2229131 / 2221134
Fax: (971-4) 2233784
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
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|
1 |
Rs.71.93 |
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Euro |
1 |
Rs.63.24 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.