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Report Date : |
30.04.2014
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IDENTIFICATION DETAILS
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Name : |
V V & SONS LLC |
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|
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Registered Office : |
Rashid Ar Rashid Yateem Building, 1st Floor, Office No. 1
Al Faheidi Street Al Suq Al Kabir PO Box 105 Dubai |
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
07.08.1968 |
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Com. Reg. No.: |
40121, Dubai |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject’s operations are performed through the following divisions · Consumer Electronics Division · Consumer Goods Division · Professional A/V Division |
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No. of Employees |
290 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
UAE 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 country 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. 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 : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Pramod Shriyan, Finance Manager
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
Mobile : (971-55)
7621027
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
· Ali Mohamed Ali
Bel Rahif Emirati Director
· Rajesh Kumar - General
Manager
· Pramod Shriyan - Finance
Manager
· Amit Mukerjee - Financial
Controller
· Krishnan Andy - Accountant
· Swapinall Survey - Retail
Manager
· Firoz Pooranda - Commercial
Manager
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 04/02/2015)
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 49%
· 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 and 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 and voice evacuation
systems
Subject operates a fleet of over 80 vehicles, servicing over 5000
outlets.
Import Countries: Europe and the Far East.
Brand Names: MARANTZ, NAD, DENON, NAKAMICHI, SANSUI, NEXO,
CAMCO and PEAVEY
Operating Trend: Steady
Subject has a workforce of approximately 290 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales UAE
Dh 149,443,134 UAE Dh
156,532,285
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Pramod Shriyan, Finance Manager
·
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.60.53 |
|
|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.