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Report No. : |
303458 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED BUSINESS
SOLUTIONS FZCO (MENA) |
|
|
|
|
Registered Office : |
High Bay
Building, Office No. 4, Dubai Silicon Oasis, PO Box 341270, Dubai |
|
|
|
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Country : |
United Arab Emirates |
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|
|
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Date of Incorporation : |
16.01.2001 |
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|
|
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Com. Reg. No.: |
Not Available |
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|
|
|
Legal Form : |
Free Zone Company
- FZC |
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|
|
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Line of Business : |
Subject is engaged
in the provision of it solutions and integrated communication services. |
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|
|
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No. of Employee : |
8 |
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 |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
ADVANCED BUSINESS SOLUTIONS FZCO (MENA)
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date :
16th January 2001
Membership Number :
19579
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce : 8
Activities :
Providers of IT solutions and integrated communication services
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ADVANCED BUSINESS SOLUTIONS FZCO (MENA)
Building : High Bay
Building, Office No. 4
Area : Dubai
Silicon Oasis
PO Box : 341270
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3886998
/ 3724052
Facsimile : (971-4)
3886987
Email : sales@abs-mena.com
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
Name Nationality Position
· Rami Mohamed
Mardini Syrian Managing
Director
· Mohamed Mardini Syrian Director
· Ahmed Abdi - Accountant
Date of
Establishment : 16th January
2001
Legal Form : Free Zone Company - FZC
Membership No. : 19579
Issued Capital : UAE Dh 500,000
Paid up Capital :
UAE
Dh 500,000
· Rami Mohamed
Mardini
· Mohamed Mardini
Activities: Engaged in the provision of IT solutions and integrated communication
services.
Brand Names: GDATA, LEVITON,
NETWORK BOX, SAFETICA, AVIRA and ISLONLINE
Operating Trend: Steady
Subject has a workforce of 8 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab
Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE
Dh 14,580,000 UAE Dh
15,220,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
No complaints regarding subject’s payments have been reported.
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. 61.84 |
|
|
1 |
Rs. 93.84 |
|
Euro |
1 |
Rs. 71.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.