%2030-Sep-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
30.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
VISION TECHNOLOGY SYSTEMS MIDDLE EAST FZCO (VTS) |
|
|
|
|
Registered Office : |
Dubai
Internet City, PO Box 500543,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
March 2005 |
|
|
|
|
Com. Reg. No.: |
20171, Dubai Internet City |
|
|
|
|
Legal Form : |
Free Zone Company - FZCO |
|
|
|
|
Line of Business : |
IT and Communication
Consultants, as well as Providing Wireless and VOIP Services |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : VISION TECHNOLOGY SYSTEMS MIDDLE EAST FZCO (VTS)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : March 2005
Trade Licence Number : 20171, Dubai Internet City
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 5
Activities :
IT and communication consultants, as well as
providing wireless and VOIP services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
VISION TECHNOLOGY
SYSTEMS MIDDLE EAST FZCO (VTS)
ADDRESS
Registered & Physical Address
Location : Dubai
Internet City
PO Box : 500543
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2615537
Facsimile : (971-4) 2615538
Email : info@vts@.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Dubai Internet City.
KEY PRINCIPALS
Name Position
·
Sayed
Aref Mahdi Managing
Director
·
Ingo
Figgen Technical
Manager
·
Norman
Butt Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : March 2005
Legal Form :
Free Zone Company - FZCO
Trade Licence No. : 20171, Dubai Internet City
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder
(s)
·
Sayed
Aref Mahdi
OPERATIONS
Activities: Subject specialises
as IT and communication consultants, as well as providing wireless and VOIP
services.
Import
Countries: Germany and
India
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
22,100,000 UAE Dh
25,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Norman Butt, Administration
Manager.
BANKERS
·
Commercial
Bank of Dubai
Mankhool Street
PO Box : 2668
Dubai
Tel : (971-4) 3523355
Fax : (971-4) 3527655 / 2524796
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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.46.94 |
|
UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)