MIRA INFORM REPORT

 

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Name :

V V & SONS LLC

 

 

Registered Office :

Rashid Ar Rashid Yateem Building, 1st Floor, Office No. 1, Al Faheidi Street, Al Suq Al Kabir, P O Box 105, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

07.08.1968

 

 

Com. Reg. No.:

40121, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates through several divisions include Consumer Electronics Division, Consumer Goods Division, Professional A/V Division

 

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$ 350,000

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United Arab Emirates 

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                                     : V V & SONS LLC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : 1958

Registration Date                                   : 7th August 1968

Commercial Registration Number                        : 40121, Dubai

Trade Licence Number                            : 204549

Chamber Membership Number                : 273

Issued Capital                                        : UAE Dh 3,000,000

Paid up Capital                                      : UAE Dh 3,000,000

Total Workforce                                     : 350

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 350,000

 

COMPANY NAME

 

V V & SONS LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Rashid Ar Rashid Yateem Building, 1st Floor, Office No. 1

Street               : Al Faheidi Street

Area                 : Al Suq Al Kabir

PO Box             : 105

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3532444

Facsimile          : (971-4) 3535856

Email                : proinfo@vvsons.ae / cpd@vvsons.ae / v.ranganath@vvsons.ae

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Rashid Ar Rashid Yateem Building, Ground Floor                                 Showroom premises

Al Faheidi Street

Al Suq Al Kabir

Dubai

Tel: (971-4) 3532444

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Ajay Bhagwandas Karani                                 Indian                          Managing Director

 

·       Karani Subhas Vithaldas                                  Indian                          Director

 

·       Ali Mohamed Ali Bel Rahif                                Emirati                        Director

 

·       Vishunathan Ranganath                                        -                            Finance Manager

 

·       Kevin De Souza                                                   -                            Commercial Manager – Electronics

 

·       Firoz Pooranda                                                    -                            Commercial Manager – Hi-Fi Products

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1958, however subject was registered on 7th August 1968

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 40121, Dubai

 

Trade Licence No.       : 204549 (Expires 4th February 2011)

 

Chamber Member No. : 273

 

Issued Capital              : UAE Dh 3,000,000

 

Paid up Capital            : UAE Dh 3,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Ali Mohamed Ali Bel Rahif                                          51%

 

·       Ajay Bhagwandas Karani                                           25%

 

·       Karani Subhas Vithaldas                                            24%

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Consumer Electronics Division

 

     Engaged in the wholesale and retail of electrical goods and equipment.

 

·       Consumer Goods Division

 

Engaged in the wholesale and retail of batteries & lighting products, travel goods & accessories, luminaries, oral care, foodstuff and incense sticks.

 

·       Professional A/V Division

 

This division deals in Audio Systems, Lighting and Dimming Systems, Public Address Systems, Background Music Systems, Audio Conferencing Systems & Voice Evacuation Systems

 

Import Countries: Europe and the Far East.

 

Brand Names: MARANTZ, NAD, DENON, NAKAMICHI, SANSUI, NEXO, CAMCO and PEAVEY.

 

Subject has a workforce of approximately 350 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

 

·       Abu Dhabi Commercial Bank

Al Rigga Road

PO Box: 5550

Dubai

Tel: (971-4) 2958888 / 3228141

Fax: (971-4) 2959310 / 3279632

 

 

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

Indian Rupees

US Dollar

1

Rs.45.53

UK Pound

1

Rs.72.56

Euro

1

Rs.60.62

 

 

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.