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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
V V & SONS LLC |
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Registered Office : |
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Country : |
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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, |
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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
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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
|
Source
: CIA |
Company Name : V V & SONS LLC
Country of Origin :
Legal Form : Limited Liability Company – LLC
Start Date : 1958
Registration Date : 7th August 1968
Commercial Registration Number : 40121,
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 :
Street :
Area : Al Suq Al
Kabir
PO Box : 105
Town :
Country :
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
·
Al Suq Al Kabir
Tel: (971-4)
3532444
· Al Quoz Industrial Area No. 4 Showroom premises
Tel: (971-4)
3475433
· Mall of Emirates Showroom
premises
Level 1, Showroom
G27
Tel: (971-4)
3410663
Fax: (971-4)
3410665
· Dubai Mall Showroom
premises
Level SF2,
Showroom No. 015
Tel: (971-4)
3399020
· Warehouse No. 39 Warehouse
premises
Street No. 11B
Al Khabasi Area
Deira
Tel: (971-4)
2684575
Fax: (971-4)
2662052
·
PO Box: 5737
Sharjah
Tel: (971-6)
5616656
Fax: (971-6)
5623295
·
PO Box: 740
Ras Al Khaimah
Tel: (971-7) 2288125
Fax: (971-7)
2282173
· Mussafah Office
premises
PO Box: 784
Tel: (971-2)
5503535
Fax: (971-2)
5503532
· Al Goze Industrial
Area, Plot No. B923 Warehouse
premises
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,
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
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
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:
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
PO Box: 5550
Tel: (971-4)
2958888 / 3228141
Fax: (971-4)
2959310 / 3279632
·
Emirates National Bank of
Al
Muraqqabat
Deira
PO Box:
46046
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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.