MIRA INFORM REPORT

 

 

Report Date :

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

VISION ENGINEERING TRADING FZC

 

 

Registered Office :

Hamriyah Free Zone, E2-107-62 PO Box  51947 Sharjah

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

07.01.2010

 

 

Legal Form :

Free Zone Company - FZC

 

 

Line of Business :

Distributors of loadbanks systems, industrial filters, scrap metal and providers of engineering consultancy.

 

 

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 :

US$ 50,000

 

 

Status :

New and 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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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                                     : VISION ENGINEERING TRADING FZC

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 7th January 2010

Trade Licence Number                            : 5865

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 4

Activities                                               : Distributors of loadbanks systems, industrial filters, scrap metal and

                                                              providers of engineering consultancy.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 50,000

 

 

 

 

COMPANY NAME

 

VISION ENGINEERING TRADING FZC

 

 

ADDRESS

 

Registered Address

 

Location            : Hamriyah Free Zone, E2-107-62

 

PO Box             : 51947

 

Town                 : Sharjah

Country             : United Arab Emirates

 

Physical Address

 

Location            : Al Qusais Area No. 2

PO Box             : 234384

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2582981

Facsimile          : (971-4) 2582985

Mobile               : (971-50) 9532072

Email                : info@visionegt.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Javed Aslam                                                                                     Managing Director

 

·       Sayed Ali Haider                                                                               Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 7th January 2010

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 5865 (Expires 06/01/2012)

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)

 

·       Javed Aslam

 

·       Sayed Ali Haider

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of loadbanks systems, industrial filters, scrap metal and providers of

     engineering consultancy.

 

Import Countries: Europe and the United States of America

 

Principal Suppliers:

 

·       Avtron Loadbanks      United States of America

·       Northern Technical    United Arab Emirates

 

Subject has a workforce of 4 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       Emirates Bank International Ltd

Baniyas Road

Deira

PO Box: 2923

Dubai

Tel: (971-4) 3160316

Fax: (971-4) 2264302

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.