MIRA INFORM REPORT

 

 

Report Date :           

25.07.2011

 

IDENTIFICATION DETAILS

 

Name :

VARITRON FZC

 

 

Formerly Known As :

Varitron FZE

 

 

Registered Office :

Warehouse No. A4-59,  Sharjah Airport International Free Zone (Saif Zone), P.O. Box  8397, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

02.10..2002

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, Wholesalers and Re-Exporters of pharmaceuticals, medical equipment & other related hospital supplies

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Dh 200,000

Status :

Small Company 

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)

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

 

Company NAME

 

Varitron FZC (Correct)

Varitron Fze (Requested)

 

 

COMPANY ADDRESS

 

Building             :  Warehouse No. A4-59

Area                             :  Sharjah Airport International Free Zone (Saif Zone)

P.O. Box           :  8397

Town                 :  Sharjah

Country             :  United Arab Emirates

Telephone         :  (971 6) 557 1952

Fax                   :  (971 6) 557 1953

E-Mail               :  varitron@eim.ae

 

Formerly Known As :  Varitron FZE

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                    Position

 

1. Suhail Ahmed Kabeer             Managing Director

 

2. Mohammed Adel                    General Manager

 

Total Employees : 2

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Opinion on maximum credit : Dh 200,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : HABIB BANK AG ZURICH

Branch   : Al Boorj Avenue

PO Box   : 1166

Town     : Sharjah

Telephone: (971 6) 535 4468

Fax      : (971 6) 537 4958

 

 

FINANCIAL INFORMATION

 

Private companies in United Arab Emirates are not required to publish

or disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover      : Dh 10,000,000 - 2010 – approx

 

Net Profit          : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 2 October 2002

 

History : Subject was established in Sharjah Airport International Free Zone on 2 October 2002 under the name Varitron FZE owned by Suhail Ahmed Kabeer (Pakistani national). In October 2007, subject changed its legal status to FZC (Free Zone Company) with the present shareholding structure.

 

Trade Licence No. : 1040149 (expiry date : 23 May 2012)

 

Chamber of Commerce Membership No. : 700138

 

Authorised Capital : Dh 300,000 (increased from Dh 150,000 in October 2007)

 

Paid up Capital : Dh 300,000 (increased from Dh 150,000 in October 2007)

 

Free Zone Company (limited liability company) with the following

shareholders :

 

1. Suhail Ahmed Kabeer                   (majority)

  (Pakistani national)

 

2. Said Mohammed Said

  (Pakistani national)

 

3. Vishwaraj Chauhan

  (Indian national)

 

* According to Sharjah Airport International Free Zone (SAIF-Zone), established in 1995, a legally capable person natural or juridical can register a Free Zone Establishment (FZE) which must have only one owner (shareholder).To operate from within the SAIF-Zone, a Free Zone Company (FZC) has to be incorporated with two or more legally capable persons natural or juridical. In normal cases the maximum number of shareholders is up to 5 and if approved by the SAIF-Zone management the maximum number of shareholders can go up to 7 shareholders. The minimum amount of capital required for both FZEs and FZCs is Dh 150,000/- or its equivalent in US Dollars. Liability shall be limited to the FZE's share capital. The exact shareholding percentage was not disclosed.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and re-exporters of pharmaceuticals, medical equipment & other related hospital supplies.

 

Imports from USA, Japan, Germany and UK.

 

Exports to Pakistan.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented office premises and a warehouse located at the heading

address.

 

 

SPECIAL NOTE

 

You enquired on: Varitron Fze. Please note that this name applies to subject’s formerly known as name. Subject s correct registered name is as per heading.

 

Interviewed: Mohammed Adel (General Manager)

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.72.34

Euro

1

Rs.63.87

 

 

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.