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Report No. : |
350757 |
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Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
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Name : |
QUEST VITAMINS
MIDDLE EAST |
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|
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Registered Office : |
LOB 13, Plot No: S20708A Sheikh Zayed Road Jebel Ali Free Zone South 17836 Dubai |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
08.05.2008 |
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Legal Form : |
Branch of a
Foreign Registered Corporation |
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Line of Business : |
Subject is engaged in the
manufacture of medicines, pharmaceuticals, vitamins and supplements. |
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No. of Employee : |
46 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Branch of Foreign Registered Corporation |
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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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
Company Name : QUEST
VITAMINS MIDDLE EAST
Country of Origin : United
Kingdom
Legal Form : Branch
of a Foreign Registered Corporation
Registration Date : 8th
May 2008
Trade Licence
Number : 6191
Industrial Licence
Number : 6613
Chamber Membership
Number : 136785
Issued Capital : UAE Dh
1,000,000
Paid up Capital : UAE Dh
1,000,000
Total Workforce : 46
Activities :
Manufacturers of medicines, pharmaceuticals, vitamins and supplements.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Diane de la
Cruz, Accountant
QUEST VITAMINS
MIDDLE EAST
Building : LOB 13, Plot No: S20708A
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone South
PO Box : 17836
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8862850
Facsimile : (971-4) 8862851
Mobile : (971-50) 2767633
Email : mhassam@questvitamins.co.uk / hassam@questme.com
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Jebel Ali Free Zone Area of Dubai.
Name Position
·
Dr Ahmed Hussam Managing
Director
·
Mohamed Ahmed Hussam General
Manager
·
Mohamed
Abdul Fasi Plant
Manager
·
Diane
de la Cruz Accountant
·
Miline
Nazarat Administration
Executive
Date of Establishment : 8th
May 2008
Legal Form :
Subject is the United Arab
Emirates registered branch of Quest Vitamins Ltd, a
Limited Liability Company incorporated in
the United Kingdom
Quest Vitamins Middle East in
the United Arab Emirates, operates as a Branch of a Foreign
Registered Corporation.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own
right. Responsibility for
payments lays in the hands of the company where it is
originally registered.
Under these circumstances, we
strongly advise that any international trade
credit should only be written
under the name of the main company where the
subject holds its registered
office, in this case the United Kingdom.
Trade Licence No. : 6191
Industrial
Licence No. : 6613
Chamber Member No. : 136785
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE
Dh 1,000,000
Activities: Engaged in the manufacture of medicines,
pharmaceuticals, vitamins and supplements.
Import
Countries: Europe and
India.
Operating Trend: Steady
Subject has a
workforce of 46 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 21,300,000 UAE Dh 23,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures were provided by Ms Diane de la Cruz, Accountant
·
Standard
Chartered Bank
Jebel Ali Free Zone
PO Box: 999
Dubai
Tel: (971-4) 8856600
No complaints regarding
subject’s payments have been reported.
Please note that
the correct name of the subject is “Quest Vitamins Middle East” and not “Quest
Vitamins Middle East FZE”.
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.66.09 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
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 |
|
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.