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MIRA INFORM REPORT
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Report No. : |
485013 |
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Report Date : |
10.01.2018 |
IDENTIFICATION DETAILS
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Name : |
V SQUARE DMCC |
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Registered Office : |
Unit No. AG-04-D, AG (Silver) Tower, Plot No. JLT PH1-11A Jumeirah Lakes Towers 340553, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.06.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the sourcing, import, storage and distribution
of petrochemical products, waste plastic, tea and coffee, plastic polymer, lubricants and
greases and plastic bags and containers. |
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No. of Employees : |
4 |
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 : |
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
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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 |
SUMMARY
Company
Name :
V SQUARE DMCC
Country
of Origin :
Dubai, United Arab Emirates
Legal
Form :
Limited Liability Company
Registration
Date : 17th
June 2013
DMCC
Number :
3996, Dubai
Trade
Licence Number :
33138
Issued
Capital :
UAE Dh 100,000
Paid
up Capital :
UAE Dh 100,000
Total
Workforce :
4
Activities :
Distributors of petrochemical products, waste plastic, tea and coffee, plastic
polymer, lubricants and greases and plastic bags and containers
Financial
Condition :
Undetermined
Payments :
No Complaints
Person
Interviewed :
Ravi Jyotish Kumar Turkhia, Managing Director
Company
name and address
COMPANY
NAME: V SQUARE
DMCC
ADDRESS
Registered
& Physical Address
Building : Unit No. AG-04-D, AG (Silver)
Tower, Plot No. JLT PH1-11A
Area : Jumeirah Lakes Towers
PO
Box : 340553
Town : Dubai
Country : United Arab Emirates
Telephone :
(971-4) 4221495
Mobile :
(971-52) 6256999
Email :
info@vsquare-ae.com / vsquare9999@gmail.com
Premises
Subject
operates from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
KEY
PRINCIPALS
Name Position
Ravi
Jyotish Kumar Turkhia Managing
Director
LEGAL
FORM & OWNERS
Date
of Establishment : 17th June 2013
Legal
Form : Limited Liability Company
DMCC
No. : 3996, Dubai
Trade
Licence No. : 33138
Issued
Capital : UAE Dh 100,000
Paid
up Capital : UAE Dh 100,000
Name
of Shareholder (s)
Ravi
Jyotish Kumar Turkhia
Other
unnamed shareholder
OPERATIONS
Activities: Engaged in the sourcing, import,
storage and distribution of petrochemical products, waste plastic, tea and
coffee, plastic polymer, lubricants and greases and plastic bags and
containers.
Import
Countries:
Europe and the Far East
Subject
has a workforce of 4 employees.
FINANCIAL
DATA
Companies
registered in Dubai, 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.
BANKERS
Mashreq
Bank
Dubai
Internet City
PO
Box: 500287
Dubai
Account
No. 019100120639
IBAN
No. AE 830330000019100120639
PAYMENT
HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please
note that the correct name of the subject is “V Square DMCC” and not “Square
DMCC”.
The
subject and its shareholders/owners have been searched in the following
databases; Office of Foreign Assets Control (OFAC), United Nations Security
Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List,
EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse
could be found on the exact names listed within the report.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.46 |
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1 |
INR 86.15 |
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Euro |
1 |
INR 75.91 |
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UAE DH |
1 |
INR 17.34 |
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 : |
DNS |
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
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.