MIRA INFORM REPORT

 

 

Report Date :

22.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SMART VISION FOR INFORMATION SYSTEM

 

 

Registered Office :

Abu Dhabi Co-operative Society Building, Mezzanine Floor, Office No. M04 Hamdan Street PO Box  109096 Abu Dhabi

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.03.2007

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of security control systems and related equipment.

 

 

No. of Employees :

45

 

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$ 150,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : SMART VISION FOR INFORMATION SYSTEM

Country of Origin                                    : Abu Dhabi, United Arab Emirates

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 29th March 2007

Trade Licence Number                            : 1099883

Chamber Membership Number                : 231793

Invested Capital                                     : UAE Dh 150,000

Total Workforce                                     : 45

Activities                                               : Distributors of security control systems and related equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

SMART VISION FOR INFORMATION SYSTEM

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Abu Dhabi Co-operative Society Building, Mezzanine Floor, Office No. M04

Street               : Hamdan Street

 

PO Box             : 109096

Town                 : Abu Dhabi

Country             : United Arab Emirates

Telephone         : (971-2) 6710170

Facsimile          : (971-2) 6716570 / 6764123

Email                : info@smartv.ae

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Abu Dhabi.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Al Kamal Tower                                                                                 Office premises

Al Khaldiyah Area

Abu Dhabi

Tel: (971-2) 6764100

Fax: (971-2) 6764123

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sheikh Tahnon Bin Saeed Al Nahyan                                                  Proprietor

 

·       Mutaz Ahmed Zeidan                                                             General Manager

 

·       Rajai Zeidan                                                                                      Information Manager

 

·       Paul Vargeshe                                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th March 2007

 

Legal Form                  : Sole Proprietorship

 

Trade Licence No.       : 1099883

 

Chamber Member No. : 231793

 

Invested Capital           : UAE Dh 150,000

 

Sheikh Tahnon Bin Saeed Al Nahyan is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of security control systems and related equipment.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 12,880,000                   UAE Dh 13,350,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Abu Dhabi

Sheikh Khalifa Street

PO Box: 4

Abu Dhabi

Tel: (971-2) 6345777 / 6327113 / 6335262

Fax: (971-2) 6336078

 

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.67

UK Pound

1

Rs.82.53

Euro

1

Rs.69.13

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.