|
Report Date : |
04.09.2012 |
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, 105 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
07.08.1968 |
|
|
|
|
Com. Reg. No.: |
40121, Dubai |
|
|
|
|
Legal Form : |
Limited Liability
Company - LLC |
|
|
|
|
Line of Business : |
Subject operates
several divisions ·
Consumer Electronics Division ·
Consumer Goods Division ·
Professional A/V Division |
|
|
|
|
No. of Employees : |
290 |
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 |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
UNITED ARAB EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable
annual trade surplus. Successful efforts at economic diversification have
reduced the portion of GDP based on oil and gas output to 25%. Since the
discovery of oil in the UAE more than 30 years ago, the UAE has undergone a
profound transformation from an impoverished region of small desert
principalities to a modern state with a high standard of living. The government
has increased spending on job creation and infrastructure expansion and is
opening up utilities to greater private sector involvement. In April 2004, the
UAE signed a Trade and Investment Framework Agreement with Washington and in
November 2004 agreed to undertake negotiations toward a Free Trade Agreement
with the US, however, those talks have not moved forward. The country's Free
Trade Zones - offering 100% foreign ownership and zero taxes - are helping to
attract foreign investors. The global financial crisis, tight international
credit, and deflated asset prices constricted the economy in 2009. UAE
authorities tried to blunt the crisis by increasing spending and boosting
liquidity in the banking sector. The crisis hit Dubai hardest, as it was
heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to
meet its debt obligations, prompting global concern about its solvency. The UAE
Central Bank and Abu Dhabi-based banks bought the largest shares. In December
2009 Dubai received an additional $10 billion loan from the emirate of Abu
Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a
large expatriate workforce, and growing inflation pressures are significant
long-term challenges. The UAE''s strategic plan for the next few years focuses
on diversification and creating more opportunities for nationals through
improved education and increased private sector employment.
Source
: CIA
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 : 290
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
V V & SONS LLC
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
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
·
Al Quoz Industrial Area No. 4 Showroom premises
Dubai
Tel: (971-4) 3475433
·
Mall of
Emirates Showroom
premises
Level 1, Showroom G27
Dubai
Tel: (971-4) 3410663
Fax: (971-4) 3410665
·
Dubai
Mall Showroom
premises
Level SF2, Showroom No. 015
Dubai
Tel: (971-4) 3399020
·
Warehouse
No. 39 Warehouse
premises
Street No. 11B
Al Khabasi Area
Deira
Dubai
Tel: (971-4) 2684575
Fax: (971-4) 2662052
·
Al
Meena Road Office
premises
PO Box: 5737
Sharjah
Tel: (971-6) 5616656
Fax: (971-6) 5623295
·
Salem
Darwish Building Office
premises
PO Box: 740
Ras Al Khaimah
Tel: (971-7) 2288125
Fax: (971-7) 2282173
·
Mussafah Office
premises
PO Box: 784
Abu Dhabi
Tel: (971-2) 5503535
Fax: (971-2) 5503532
·
Al Goze
Industrial Area, Plot No. B923 Warehouse
premises
Dubai
Tel: (971-4) 3470551
Fax: (971-4) 3470598
Name Nationality Position
·
Ajay
Bhagwandas Karani Indian Managing
Director
·
Karani
Subhas Vithaldas Indian Director
·
Ali
Mohamed Ali Bel Rahif Emirati Director
·
Samir
Mahajan - General
Manager
·
Vishunathan
Ranganath - Finance
Manager
·
Krishnan
Andy - Accountant
·
Swapinall
Survey - Retail
Manager
·
Kevin
De Souza - Commercial
Manager – Electronics
·
Firoz
Pooranda - Commercial
Manager – Hi-Fi Products
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 04/02/2013)
Chamber Member No. : 273
Issued Capital : UAE Dh 3,000,000
Paid up Capital : UAE Dh 3,000,000
·
Ali
Mohamed Ali Bel Rahif 51%
·
Ajay
Bhagwandas Karani 25%
·
Karani
Subhas Vithaldas 24%
·
Bathia Brother LLC
Dubai
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 290 employees.
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.
·
Abu
Dhabi Commercial Bank
Al Rigga Road
PO Box: 5550
Dubai
Tel: (971-4) 2958888 / 3228141
Fax: (971-4) 2959310 / 3279632
·
Emirates
National Bank of Dubai
Al Muraqqabat
Deira
PO Box: 46046
Dubai
No complaints
regarding subject’s payments have been reported.
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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.