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Report No. : |
353478 |
|
Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
V R GLOBAL
INDUSTRIES FZC |
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|
|
|
Registered Office : |
Steel Mill Road Umm Al Ramool Area 44653 Dubai |
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|
|
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Country : |
United Arab
Emirates |
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|
|
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Date of Incorporation : |
01.08.2005 |
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|
|
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Legal Form : |
Free Zone Company
- FZC |
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|
|
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Line of Business : |
Subject is engaged in
the manufacture of adhesives, sealants, tapes, waxes and polish. |
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No. of Employee : |
35 |
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 |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 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. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008, 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 and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : V R GLOBAL
INDUSTRIES FZC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 1st
August 2005
Trade Licence
Number : 865
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh
300,000
Total Workforce :
35
Activities :
Manufacturers of adhesives, sealants, tapes, waxes and polish.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raul
Choudhary, Director
V R GLOBAL
INDUSTRIES FZC
Street : Steel Mill Road
Area : Umm Al Ramool Area
PO Box : 44653
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2859861 / 2858726
Facsimile : (971-4) 2852484 / 2858724
Email : vrglobal@eim.ae / rahul@viratapes.com
Subject operates from
a medium sized suite of offices that are rented and located in the Industrial
Area of Dubai.
Branch Office
(s)
Location Description
·
Hamriyah
Free Zone Factory
premises
PO Box: 42266
Sharjah
Tel: (971-6) 5260948 / 5260943
Mob: (971-50) 6506872
Name Nationality Position
·
Vikram
Choudhary Indian Managing
Director
·
Raul
Choudhary Indian Director
Date of Establishment : 1st
August 2005
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 865
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
·
Vikram
Choudhary
·
Raul
Choudhary
Activities: Engaged in the manufacture of adhesives, sealants,
tapes, waxes and polish.
Import
Countries: Taiwan and the
United Arab Emirates
Principal Suppliers:
·
3M United
States of America
·
3M Taiwan
·
Technova
Industries Dubai
·
Emirates
Packaging Dubai
Brand Names: VIRA
Operating Trend: Steady
Subject has a
workforce of 35 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 17,600,000 UAE Dh 18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Raul Choudhary, Director
·
Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4) 2524942
No complaints
regarding subject’s payments have been reported.
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
UAE Dh |
1 |
Rs.18.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.