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Report No. : |
348268 |
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Report Date : |
07.11.2015 |
IDENTIFICATION DETAILS
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Name : |
VITAL EXIM LTD
FZC |
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Registered Office : |
Fujairah Free Zone, Suite A-17, Plot PH2 3019 Fujairah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
10.07.1999 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Subject is
engaged in the import and distribution of jewellery and precious stones, subject
also has a general distribution licence and deals in medical products and
scientific equipment, pharmaceuticals, pharmaceutical machineries, chemicals
(organic and inorganic), pigments, dye stuff, minerals, electrical, hand
tools, metals, motorcycle tyre and tubes, plywood, and steel products (SS
tubes, pipes and sheets). |
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No. of Employee : |
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 : |
Small company |
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Payment Behaviour : |
No complaints |
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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) |
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United Arab
Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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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.
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Source
: CIA |
Company Name : VITAL EXIM LTD FZC
Country of Origin : Fujairah,
United Arab Emirates
Legal Form :
Free Zone Company
Registration Date : 10th
July 1999
Trade Licence Number : 1161
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 4
Activities :
Import and distribution of jewellery, precious stone, medical products and
scientific equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
VITAL EXIM LTD FZC
Location : Fujairah Free Zone, Suite A-17,
Plot PH2
PO Box : 3019
Town : Fujairah
Country : United Arab Emirates
Telephone : (971-9) 2281088 / 2228936 / 2282978
Facsimile : (971-9) 2281099 / 2228937 / 2282979
Mobile : (971-50) 1933170
Email : vitalex@emirates.net.ae
Subject operates from
a small suite of offices that are rented and located in the Fujairah Free Zone.
Name Nationality Position
·
Aalok
Bhageria Indian Managing
Director
·
Mukesh Choudhary Indian Sales
Manager
Date of Establishment : 10th
July 1999
Legal Form :
Free Zone Company
Trade Licence No. : 1161
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Aalok
Bhageria 100%
Activities: Engaged in the import and distribution of
jewellery and precious stones, subject also has a general
distribution licence and deals in medical products and scientific
equipment, pharmaceuticals,
pharmaceutical machineries, chemicals (organic and inorganic), pigments,
dye stuff, minerals, electrical, hand tools, metals, motorcycle tyre and tubes,
plywood, and steel products (SS tubes, pipes and sheets).
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a workforce
of 4 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 10,000,000 UAE Dh 10,275,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Fujairah
PO Box: 887
Fujairah
Tel: (971-9) 2224518 / 2224513
Fax: (971-9) 2224516 / 2229470
No complaints
regarding subject’s payments have been reported.
Please note that we
were unable to contact the subject directly during our investigation.
Established in 1999,
subject is owned and managed by Mr Aalok Bhageria who is well respected in the
local business community.
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.65.79 |
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|
1 |
Rs.99.95 |
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Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
-- |
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.