MIRA INFORM REPORT
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Report Date : |
01.08.2011 |
IDENTIFICATION DETAILS
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Name : |
VAD GLOBAL TRADING FZE |
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Registered Office : |
Hamriya Free Zone, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
22.03. 2009 |
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Legal Form : |
Single Shareholder Limited Liability Company Trading as |
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Line of Business : |
importers and exporters of textile products,
electrical products, ceramic and steel products |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Trade License Not Renewed |
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Payment
Behaviour : |
Unknown |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
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 |
company NAME
Vad Global Trading FZE
Company
ADDRESS
Area :
Hamriya Free Zone
Town :
Sharjah
Country :
United Arab Emirates
Telephone :
(91 9) 8185 1230 (Mobile) (unattended)
SENIOR
COMPANY PERSONNEL
Name Position
Lal
Chellani General Manager /
Owner
(Indian
national)
PAYMENTS
Current trade experience of
payments has not been traced.
Our sources could not contact
the company and obtain a direct
interview. According to our
subject’s telephone number is a as above. This number is continuously
unattended. No other telephone numbers are listed for the subject at the local
telephone directory.
According to the local
companies registry subject's trade license hasn’t been renewed since
21/03/2011.
Information in this report was
obtained from third party sources.
Opinion on maximum credit : In
the circumstances we recommend
international
suppliers deal on a
strictly cash or
prepaid basis.
Trade risk assessment : No
classification (see above comments)
Opinion on the credit figure of
US DLRS 150,000 :
See above comments.
PRINCIPAL
BANKERS
Details of subject's bankers
could not be learnt.
FINANCIAL
INFORMATION
Balance sheets are not available
and no financial information could be obtained from third party sources.
LEGAL STATUS AND HISTORY
Date
Started : 22 March 2009
History
: The subject company was established in Hamriya Free Zone on 22 March 2009.
Trade
License No.: 5054 (expired on: 21/03/2011, to be
renewed)
Free Zone
Establishment (single shareholder limited liability company) with the following
sole shareholder :
Mahindra
Kumar Bhidhklan Dhandhukia 100%
(Indian
national)
* According to Hamriyah Free Zone Authority, which was established by an
Emiry decree in November 12, 1995, Free Zone Establishment (FZE) incorporated
in Hamriyah Free Zone is a single shareholder limited liability company. A Free
Zone Company (FZC) can have multiple shareholders (maximum 5 shareholders) who
can be either foreign individuals or a corporate body. The minimum capital
requirement for incorporating a Free Zone Establishment (FZE) or Free zone
Company (FZC) is Dhs.150,000 (Approximately US$ 40,000).
ACTIVITIES
The
Company is involved in the following activities :
Registered
activity: Trading as importers and exporters of textile products, electrical
products, ceramic and steel products.
NACE
Code : 4641 / 4643
FACILITIES
The
Subject has the following facilities :
Registered
office located at the heading address.
SPECIAL NOTE
The
PO Box number given by you: 1377 could not be verified. Please note
that subject’s registered office address is as per heading.
The banker’s name given by you: The
Standard Chartered Bank could not be verified.
Interviewed:
Third party sources.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.16 |
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UK Pound |
1 |
Rs.72.10 |
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Euro |
1 |
Rs.63.10 |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.