MIRA
INFORM REPORT
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Report Date : |
20.10.2008 |
IDENTIFICATION DETAILS
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Name : |
VISIONAIRE FZE |
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Registered Office : |
Visionaire Building,
Sheikh Zayed Road, Jebel Ali Free Zone, PO Box 16928, Dubai |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17th March 1996 |
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Legal Form : |
Free Zone Establishment - FZE |
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Line of Business : |
Import, Distribution and Installation Services for Audio-Visual Systems |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : VISIONAIRE FZE
Country of Origin :
Legal Form : Free Zone Establishment - FZE
Registration Date : 17th March 1996
Trade Licence Number : 1467
Chamber Membership Number : 37795
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 100
Activities : Import, distribution and installation services for audio-visual systems
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
Person Interviewed : Luciana Laetomi, Marketing Manager
COMPANY NAME
VISIONAIRE FZE
ADDRESS
Registered & Physical Address
Building :
Street :
Area : Jebel Ali Free Zone
PO Box : 16928
Town :
Country :
Telephone : (971-4) 8815222
Facsimile : (971-4) 8818272
Email : info@visionaire.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Jebel Ali Free Zone.
Branch Office
(s)
Location Description
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Tel: (971-2) 6717585
Fax: (971-2) 6717595
KEY PRINCIPALS
Name Nationality Position
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Anita
Gupta Indian Managing
Director
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Aseem
Gupta Indian General
Manager
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Luciana
Laetomi - Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th
March 1996
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 1467
(Expires 31/12/2005)
Chamber Member No. : 37795
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
Link
International Systems Inc 100%
OPERATIONS
Activities: Engaged in the import and distribution of
computer equipment, servers, audio-visual equipment, amplifiers, loudspeakers
and microphones, and video monitors.
Subject also
provides installation services for audio-visual system, particularly for
conferences and conventions.
In May 2002,
Visionaire completed an audio-visual systems installation contract at the
Import
Countries:
International
Suppliers:
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SMART
Technologies Inc
Brand Names: DAEVIS and DRAPER
Operating Trend: Steady
Subject has a
workforce of 100 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales UAE Dh
38,900,000 UAE Dh
45,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Emirates
Bank International Ltd
PO Box : 2923
Tel
: (971-4) 2281181
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Mashreq
Bank Plc
Deira Branch
PO Box : 1250
Tel : (971-4) 2229131 / 2221134
Fax : (971-4) 2233784
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction March 2004 April 2005
Credit amount 265,500 60,585
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
GENERAL COMMENTS
Established in
1996, subject is involved in the import and distribution of computer equipment
and audio-visual equipment.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and the
subject is deemed 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 |
Rs.48.83 |
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1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)