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Report Date : |
11.02.2013 |
IDENTIFICATION DETAILS
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Name : |
QUEST VITAMINS MIDDLE EAST |
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Registered Office : |
LOB 13, Plot No: S20708A,
Sheikh Zayed Road, Jebel Ali Free Zone
South, PO Box 17836, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.05.2008 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Manufacturers of
medicines, pharmaceuticals, vitamins and supplements. |
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No. of Employees : |
46 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit: |
US$ 350,000 |
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Status : |
Branch of a Foreign Registered Corporation |
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Payment Behaviour : |
No Complaints |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
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Source : CIA |
Company Name :
QUEST VITAMINS MIDDLE EAST
Country of Origin :
United Kingdom
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
8th May 2008
Trade Licence Number : 6191
Industrial Licence Number :
6613
Chamber Membership Number :
136785
Issued Capital :
UAE Dh 1,000,000
Paid up Capital :
UAE Dh 1,000,000
Total Workforce :
46
Activities :
Manufacturers of medicines, pharmaceuticals, vitamins and supplements.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit : US$ 350,000
Person Interviewed :
Amie Aquaintin, Accountant
QUEST VITAMINS MIDDLE EAST
Registered &
Physical Address
Building : LOB 13, Plot No: S20708A
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone South
PO Box : 17836
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8862850
Facsimile : (971-4)
8862851
Email : mhassam@questvitamins.co.uk
/ hassam@questme.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Position
Dr Ahmed Hussam Managing
Director
Mohamed Ahmed Hussam General
Manager
Mohamed Abdul Fasi Plant
Manager
Ms Amie Aquaintin Accountant
Date of Establishment : 8th
May 2008
Legal Form : Subject is the
United Arab Emirates registered branch of Quest Vitamins Ltd, a Limited
Liability Company incorporated in the United Kingdom
Quest Vitamins
Middle East in the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
A Branch of a Foreign Registered
Corporation is not a legal entity in its own right. Responsibility for payments lays in
the hands of the company where it is
originally registered.
Under these circumstances, we strongly
advise that any international trade credit should only be written under the
name of the main company where the subject holds its registered office, in this
case the United Kingdom.
Trade Licence No. : 6191
Industrial Licence
No. : 6613
Chamber Member No. : 136785
Issued Capital : UAE Dh 1,000,000
Paid up Capital :
UAE
Dh 1,000,000
Activities: Engaged in the manufacture of medicines, pharmaceuticals, vitamins and
supplements.
Import Countries: Europe and India.
Operating Trend: Steady
Subject has a workforce of 46 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 17,250,000 UAE Dh
18,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were provided by Ms Amie Aquaintin.
Standard Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
No complaints regarding subject’s payments have been reported.
Recommended Credit Limit : US$ 350,000
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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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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.