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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VIVA TEXTORIUM LLC |
|
|
|
|
Registered Office : |
Viva Building Khalid Ibn Al
Walid
Street Bur Dubai PO Box 6051 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
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|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
09.11.1974 |
|
|
|
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Com. Reg. No.: |
43439, Dubai |
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|
|
Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the wholesale and retail of textiles |
|
|
|
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No. of Employees : |
65 |
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 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 : VIVA TEXTORIUM LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 9th November 1974
Commercial Registration Number : 43439, Dubai
Trade Licence Number : 204626
Chamber Membership Number : 1332
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Total Workforce : 65
Activities : Wholesale and retail of textiles
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Jetin Bedheka, Accountant
VIVA TEXTORIUM LLC
Building : Viva Building
Street : Khalid Ibn Al Walid Street
Area : Bur Dubai
PO Box : 6051
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3533555
Facsimile : (971-4)
3535515 / 2274040
Email : viva@vivauae.com
/ viva@vivaint.com / sachinp@vivintl.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Dubai.
Branch Office (s)
Location Description
· Khalid Ibn Al Walid Street Rented
showroom premises
Dubai
Name Nationality Position
· Harish Naraindas
Amarnani Indian Managing
Director
· Nand Naraindas Amarnani Indian Director
· Ahmed Salmin Ahmed
Salmin Emirati Director
· Vijay Amarnani Indian General
Manager
· Jetin Bedheka - Accountant
· Sachin Pothy - Finance
Manager
Date of
Establishment : 9th
November 1974
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 43439, Dubai
Trade Licence No. : 204626 (Expires 25/03/2014)
Chamber Member No. : 1332
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Heirs of the late
Mohamed Ahmed Abdul Rahman Darwish
· Ahmed Salmin Ahmed
Salmin
· Harish Naraindas
Amarnani
· Nand Naraindas
Amarnani
· Visa Trading LLC
Dubai
· Viva International LLC
Dubai
· Vishali Enterprises LLC
Dubai
· Viva Emporium LLC
Dubai
· Viva Venture FZT
Dubai
· Viva Fashion FZT
Dubai
Activities: Engaged in the wholesale and retail of textiles.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 65 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13:
Consolidated Total Sales UAE
Dh 170,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Jetin Bedheka,
Accountant
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
·
Habib Bank Ltd
Trade Service Centre
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4)
2284631
No complaints regarding subject’s payments have been reported.
Established in 1974, subject is involved in the wholesale and retail of textiles,
operating 2 showrooms located in Khalid Ibn Al Walid Street, Dubai.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
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.