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MIRA INFORM REPORT
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Report No. : |
485072 |
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Report Date : |
08.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL VIRA INTERNATIONAL FZE |
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Registered Office : |
Ajman Free Zone, Ajman, |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
09.01.2011 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Subject is engaged in the import and distribution of jewellery,
diamonds and other precious stones |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
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AL VIRA INTERNATIONAL FZE |
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2) Registered Address: |
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Address |
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Ajman Free Zone |
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Town |
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Ajman |
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Country |
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United Arab Emirates |
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3) Operational Address & Contact Details: |
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Address |
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Royal Diamonds Building, Office No. 206, 2nd Floor Gold
Souq, Deira |
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Town |
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Dubai |
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Country |
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United Arab Emirates |
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PO Box |
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171824 |
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Phone (s) |
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(971-4) 2290864 / 2989780 |
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Facsimile |
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(971-4) 2290894 |
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Email |
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Mobile |
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(971-50) 1745171 / (971-55) 6129180 / (971-52) 9104197 |
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Note: |
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Please note that the subject no longer uses PO Box number
58634. |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
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Free Zone Establishment - FZE |
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Date of Registration |
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9th January 2011 |
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Trade License Number |
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5956, Ajman |
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KEY
FACTS
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Operational Status |
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Normal |
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Financial Condition |
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Undetermined |
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Primary Business Activity |
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Distributors of jewellery, diamonds and other precious
stones |
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Number of Employees |
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2 |
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Capital |
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UAE Dh 1,000,000 |
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Note: |
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Engaged in the import and distribution of jewellery,
diamonds and other precious stones. |
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CAPITAL
DETAILS
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Issued Capital: |
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No
of Shares |
No
of Shares |
Amount |
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N/A |
N/A |
UAE Dh 1,000,000 |
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Paid Up Capital: |
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No
of Shares |
No
of Shares |
Amount |
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N/A |
N/A |
UAE Dh 1,000,000 |
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FINANCIAL
DATA
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Companies registered in Ajman, United Arab Emirates are
not legally required to make their accounts public and no financial information
was released by the company or submitted by outside sources. |
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BANKERS
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1 |
Name |
Emirates National Bank of Dubai |
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Address |
Baniyas Street |
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PO Box |
777 Dubai |
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Tel |
(971-4) 2222241 |
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2 |
Name |
National Bank of Ras Al Khaimah |
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PO Box |
1531 Dubai |
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Tel |
(971-4) 2226291 |
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Fax |
(971-4) 2281312 |
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Acc No |
AE820400000025408058062 |
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SHAREHOLDERS
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Sr.No |
Name |
Nationality |
Percentage |
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1 |
Rahul Sagarmal Basna |
Indian
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100% |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Designation |
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1 |
Rahul Sagarmal Basna |
Indian
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Managing Director |
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2 |
Ajay Jain |
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Sales Manager |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe
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Import |
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2 |
Far
East |
Import |
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PREMISES
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Subject operates from a small suite of offices that are rented
and located in the Central Business Area of Dubai. |
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PAYMENT
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Unknown |
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ADVERSE
DATA
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Performance Defaults |
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No
record found |
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Payment Defaults |
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No
record found |
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Adverse Press Coverage |
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No
record found |
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Litigations |
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No
record found |
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Former Business Relationships |
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No
record found |
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INVESTIGATOR'S
COMMENTS
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.38 |
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1 |
INR 86.02 |
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Euro |
1 |
INR 76.50 |
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UAE DH |
1 |
INR 17.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.