MIRA INFORM REPORT

 

 

Report Date :           

25.02.2012

 

IDENTIFICATION DETAILS

 

Name :

VISIGMA APPAREL GROUP

 

 

Registered Office :

Dubai Silicon Oasis Building, Suite No. D-706, Emirates Road, P O Box 341035, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

28.03.2011

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Wholesalers and retailers of readymade garments

 

 

No. of Employees :

15

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

----

NB

New Business

----

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

SUMMARY

 

Company Name                                     : VISIGMA APPAREL GROUP

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 28th March 2011

Trade Licence Number                            : 470

Issued Capital                                        : UAE Dh 150,000

Paid up Capital                                      : UAE Dh 150,000

Total Workforce                                     : 15

Activities                                               : Wholesalers and retailers of readymade garments

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Faheem Chaudhary, General Manager

 

COMPANY NAME

 

VISIGMA APPAREL GROUP

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Dubai Silicon Oasis Building, Suite No. D-706

Street               : Emirates Road

PO Box             : 341035

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3712527

Facsimile          : (971-4) 3712530

Mobile               : (971-55) 7332000

Email                : faheem.chaudhary@visigmagroup.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.

 

 

KEY PRINCIPALS

 

     Name                                              Nationality                               Position

 

·       Mohamed Bilal Sethi                         Pakistani                                   Managing Director

 

·       Faheem Chaudhary                                   -                                       General Manager

 

·       Valerie Samuel                                         -                                       Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th March 2011

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 470

 

Issued Capital              : UAE Dh 150,000

 

Paid up Capital            : UAE Dh 150,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Mohamed Bilal Sethi                                                             100%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of readymade garments.

 

Import Countries: Europe, United States of America and the Far East

 

Brand Names: ZARA, MISSIO DUTTI, BERSHKA, CARREFOUR, SPRINGFIELD, QUICKSILVER, NO FEAR,

                        O’NEILL, RIP CURL, ABERCROMBIE & FITCH, HOLLISTER, GUESS, OAKLEY and GYMBOREE

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

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

 

 

BANKERS

 

·       Middle East Bank Ltd

Arbift Tower

Baniyas Street

PO Box: 5547

Dubai

Tel: (971-4) 2220121

 

 

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.49.07

UK Pound

1

Rs.77.19

Euro

1

Rs.65.57

 

 

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.