MIRA INFORM REPORT

 

 

Report Date :

04.08.2011

 

IDENTIFICATION DETAILS

 

Name :

VIVA TEXTORIUM LLC

 

 

Registered Office :

Viva Building Khalid Ibn Al Walid Street PO Box   6051 Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.11.1974

 

 

Com. Reg. No.:

43439, Dubai

 

 

Legal Form :

Limited Liability Company - LLC

 

 

Line of Business :

Wholesale and retail of textiles.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 250,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

SUMMARY

 

Company Name                                     : VIVA TEXTORIUM LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 9th November 1974

Commercial Registration Number            : 43439, Dubai

Trade Licence Number                            : 204626

Chamber Membership Number                : 1332

Issued Capital                                        : UAE Dh 300,000

Paid up Capital                                      : UAE Dh 300,000

Total Workforce                                     : 65

Activities                                               : Wholesale and retail of textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Jetin Bedheka, Finance Manager

 

COMPANY NAME

 

 VIVA TEXTORIUM LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Viva Building

Street               : Khalid Ibn Al Walid Street

 

PO Box             : 6051

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 3533555

Facsimile          : (971-4) 3535515

Email                : viva@vivauae.com / viva@vivaint.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Dubai.

 

Branch Office (s)

 

     Location                                                                                                       Description

 

·       Khalid Ibn Al Walid Street                                                                              Rented showroom premises

     Dubai

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Harish Naraindas Amarnani                                          Indian                          Managing Director

 

·       Nand Naraindas Amarnani                                            Indian                          Director

 

·       Amarnani Prem Naraindas                                           Indian                          Director

 

·       Mohamed Ahmed Abdul Rahman Darwish                     Emirati                        Director

 

·       Ahmed Salmin Ahmed Salmin                                      Emirati                        Director

 

·       Vijay Amarnani                                                           Indian                          General Manager

 

·       Jetin Bedheka                                                                  -                            Finance Manager

 

·       Vijay Amarnani                                                                -                            Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th November 1974

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 43439, Dubai

 

Trade Licence No.       : 204626

 

Chamber Member No. : 1332

 

Issued Capital              : UAE Dh 300,000

 

Paid up Capital            : UAE Dh 300,000

 

Name of Shareholder (s)                                     Percentage

 

·       Mohamed Ahmed Abdul Rahman Darwish                        41%

 

·       Ahmed Salmin Ahmed Salmin                                         10%

 

·       Harish Naraindas Amarnani                                             17%

 

·       Nand Naraindas Amarnani                                               16%

 

·       Amarnani Prem Naraindas                                              16%

 

 

AFFILIATED COMPANIES

 

·       Visa Trading LLC

Dubai

 

·       Viva International LLC

Dubai

 

·       Vishali Enterprises LLC

Dubai

 

·       Viva Emporium LLC

Dubai

 

·       Viva Venture FZT

Dubai

 

·       Viva Fashion FZT

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 65 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                    UAE Dh 12,600,000                   UAE Dh 13,250,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Standard Chartered Bank

Khalid Bin Waleed Street

PO Box: 999

Dubai

Tel: (971-4) 2520455

 

·       Habib Bank Ltd

Trade Service Centre

Murshid Bazaar

PO Box: 888

Dubai

Tel: (971-4) 2221281

Fax: (971-4) 2284631

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1974, subject is involved in the wholesale and retail of textiles, operating 2 showrooms located in Khalid Ibn Al Walid Street, Dubai.

 

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 company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.20

Euro

1

Rs.62.87

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.