MIRA INFORM REPORT

 

 

Report Date :           

12.04.2012

 

IDENTIFICATION DETAILS

 

Name :

FIRST VIDEO COMMUNICATIONS INC

 

 

Registered Office :

IBM Building, Building No. 5, Office No. 102,  Dubai Internet City, P O Box 500285, Dubai

 

 

Country :

United Arab Emirates 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

18.03.2002

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Providers of video conferencing, audio bridging, enterprise and streaming solutions

 

 

No. of Employees :

70

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 1,500,000

 

 

Status :

Branch of Foreign Registered corporation

 

 

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

United Arab Emirates 

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                                     : FIRST VIDEO COMMUNICATIONS INC

Country of Origin                                    : British Virgin Islands

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 18th March 2002

Trade Licence Number                            : 19554

Chamber Membership Number                : 65445

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 70

Activities                                               : Providers of video conferencing, audio bridging, enterprise and

streaming solutions

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Nader Riyad, Commercial Manager

 

 

 

COMPANY NAME

 

FIRST VIDEO COMMUNICATIONS INC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : IBM Building, Building No. 5, Office No. 102

Area                 : Dubai Internet City

PO Box             : 500285

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 4294900

Facsimile          : (971-4) 4294901

Email                : info@fvc.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Dubai Internet City.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Kodimela Shrvin Parag                                                                       Managing Director

·       Bruce Willinting                                                                                 Director

·       Dharmandra Parmar                                                                          Marketing Manager

·       Nader Riyad                                                                                      Commercial Manager

·       Ratish Bhart Doshi                                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th March 2002

 

Legal Form                  : Subject is the United Arab Emirates registered branch of First Video Communications Inc, a  Limited Liability Company incorporated in the British Virgin Islands.

 

  First Video Communications Inc in the United Arab Emirates, operates as a Branch of a

  Foreign Registered Corporation.

 

  A Branch of a Foreign Registered Corporation is not a legal entity in its own

  right. Responsibility for payments lays in the hands of the company where it is

  originally registered.

 

  Under these circumstances, we strongly advise that any international trade

  credit should only be written under the name of the main company where the

  subject holds its registered office, in this case the British Virgin Islands.

 

Trade Licence No.       : 19554

 

Chamber Member No. : 65445

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

 

AFFILIATED COMPANIES

 

·       FVC Egypt

6A Sebaq Street

Heliopolis

Cairo

Egypt

Tel: (20-2) 26435280

Fax: (20-2) 26435283

 

·       FVC Inc

106 Al Akar Building

Bainunah Street

PO Box: 113100

Abu Dhabi

Tel: (971-2) 4069753

 

·       FVC Morocco

Lotissement Attaoufik 16-18

Espace Jet Business Class Building, Ground Floor

Sidi Maarouf

Casablanca

Morocco

Tel: (212-522) 787154

Fax: (212-522) 321576

 

·       FVC Saudi Arabia Ltd

Al Khozama Center, Office No. 18, 1st Floor

PO Box: 53215

Riyadh 11583

Saudi Arabia

Tel: (966-1) 2175530

Fax: (966-1) 2175534

 

·       FVC Algeria

Algiers

Algeria

Tel: (213-7) 70377444

 

·       FVC Levant Ltd

Mkalles 2001 Center, Bloc C, 4th Floor

Mkalles Main Road

Beirut

Lebanon

Tel: (961-1) 699033

Fax: (961-1) 699140

 

·       FVC UK Ltd

7 Old Garden House

The Lanterns

Bridge Lane

London SW11 3AD

United Kingdom

Tel: (44-207) 2289600

Fax: (44-207) 7300507

 

 

OPERATIONS

 

Activities: Engaged in the provision of video conferencing, audio bridging, enterprise and streaming solutions.

     Subject also provides training and consultancy services.

 

Import Countries: United Kingdom and the United States of America.

 

International Suppliers:

 

·       Riverbed                   United Kingdom

·       Tipping Point United Kingdom

·       Spring Core              United Kingdom

·       Polycom                   United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of 70 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/10:    Year Ending 31/12/11:

 

Total Sales                                US$ 43,500,000             US$ 46,800,000

 

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

 

The above figures were provided by Mr Nader Riyad, Commercial Manager

 

 

BANKERS

 

·       HSBC Bank Middle East

Deira Souk Branch

     PO Box: 66

     Dubai

     Tel: (971-4) 2535000

 

 

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.51.55

UK Pound

1

Rs.81.95

Euro

1

Rs.67.57

 

 

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.