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Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
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Name : |
VISION GULF GENERAL TRADING LLC |
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Registered Office : |
Abdullah Ahmed Mohamed Bin Fahad Building No. 2, 2nd Floor,
Office No. 201, Damascus Road, Al Qusais Industrial Area No. 2, PO Box
234384, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
10.07.2011 |
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Com. Reg. No.: |
1079132, Dubai |
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Legal Form : |
Limited
Liability Company – LLC |
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Line of Business : |
Subject engaged in the import and distribution of electrical and
electronic products, IT equipment and general foodstuff products. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 :
VISION GULF GENERAL TRADING LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
10th July 2011
Commercial Registration Number :
1079132, Dubai
Trade Licence Number :
656341
Chamber Membership Number :
194837
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Activities :
Distributors of electrical and electronic products, IT equipment and
general foodstuff products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Adnan Ashraf, Commercial Manager
VISION GULF GENERAL TRADING LLC
Building : Abdullah Ahmed
Mohamed Bin Fahad Building No. 2, 2nd Floor, Office No. 201
Street : Damascus
Road
Area : Al Qusais Industrial Area No. 2
PO Box : 234384
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2510193
Facsimile : (971-4)
2510194
Mobile : (971-50)
9532072 / (971-55) 6056489
Email : jaslam@visionvgt.com
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Dubai.
Name Nationality Position
· Javed Aslam Canadian Managing
Director
· Adel Ahmed Shaikh
Abdulrahman Bin Hafiz Emirati Director
· Adnan Ashraf - Commercial
Manager
Date of
Establishment : 10th
July 2011
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1079132, Dubai
Trade Licence No. : 656341 (Expires 09/07/2013)
Chamber Member No. : 194837
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Adel Ahmed Shaikh
Abdulrahman Bin Hafiz 51%
· Javed Aslam 49%
· Vision &
Engineering FZE
Hamriyah Free Zone
Sharjah
Activities: Engaged in the import and distribution of electrical and electronic
products, IT equipment and general
foodstuff products.
Import Countries: Europe and the Far East.
Subject has a workforce of 4 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
No complaints regarding subject’s payments have been reported.
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.53.77 |
|
UK Pound |
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
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.