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MIRA INFORM REPORT
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Report No. : |
496699 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
VINK CORPORATION DMCC |
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Registered Office : |
1805 Jumeirah Business Center 5 (JBC5) Cluster W, Jumeriah Lakes
Towers, PO Box 128194, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
04.04.2013 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of agricultural
commodities, including cashews, nuts, beans and cocoa. |
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No. of Employees : |
13 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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,
although the UAE is one of the most diversified countries in the Gulf
Cooperation Council. 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 :
VINK CORPORATION DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
4th April 2013
DMCC Number :
3954
Trade Licence Number :
32949
Issued Capital :
UAE Dh 100,000
Paid up Capital :
UAE Dh 100,000
Total Workforce :
13
Activities :
Distributors of agricultural commodities
Financial Condition :
Good
Payments :
No Complaints
Operating Trend :
Steady
COMPANY
NAME
VINK CORPORATION DMCC
ADDRESS
Registered &
Physical Address
Location : 1805 Jumeirah
Business Center 5 (JBC5) Cluster W, Jumeriah Lakes Towers
PO Box :
128194
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4201140
/ 4201141 / 4201142
Email : info@vinkcorporation.com
/ sreemram@vinkcorporation.com
/ arbinda@vinkcorporation.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 Nationality Position
Cornelis G Vink German Chairman
Sadhanadan Nair
- Managing
Director
Rahul Savarna Indian Director
Deepak Kacherm - Chief
Executive Officer
Sreeram Parmesh - Finance
Manager
Arbinda Basu - Financial
Controller
Kavtita K - Administration
Executive
Shabib Rahman - Public
Relations Officer
LEGAL
FORM & OWNERS
Date of Establishment : 4th
April 2013
Legal Form : Limited Liability
Company
DMCC No. : 3954
Trade Licence No. : 32949
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of
Shareholder (s)
Cornelis G Vink
Sadhanadan Nair
Rahul Savarna
AFFILIATED
COMPANIES
Vink Corporation Middle East FZC
Saif Zone
Sharjah
OPERATIONS
Activities: Engaged in the import and distribution of agricultural commodities,
including cashews, nuts, beans and cocoa.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 13 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales US$
110,000,000 US$
114,200,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 80.21 |
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UAE Dh |
1 |
INR 17.67 |
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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NIS |
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Report Prepared
by : |
TPT |
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.