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Report No. : |
325095 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
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Name : |
SMART VISION FOR
INFORMATION SYSTEM |
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Registered Office : |
Abu Dhabi Co-operative Society Building, Mezzanine Floor, Office No. M04, Hamdan Street, P O Box: 109096, Abu Dhabi |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
29.03.2007 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
distribution of security control systems and related equipment, including
smart cards, e-payment products, attendance control products, identification documents,
IP telephone systems, call centre solutions, metal detectors, CCTV
surveillance systems and armoured vehicles. |
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No. of Employees : |
45 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 : 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
Person Interviewed : Srininath Inaapat, Chief Accountant
SMART VISION FOR
INFORMATION SYSTEM
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
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
Name Position
·
Sheikh
Tahnon Bin Saeed Al Nahyan Proprietor
·
Mutaz
Ahmed Zeidan General
Manager
·
Rajai
Zeidan Information
Manager
·
Paul
Vargeshe Finance
Manager
·
Sherine Albert Marketing
Manager
·
Mohamed Yasser Finance
Manager
·
Srininath Inaapat Chief
Accountant
Date of Establishment : 29th
March 2007
Legal Form :
Sole Proprietorship
Trade Licence No. : 1099883
(Expires 28/01/2016)
Chamber Member No. : 231793
Invested Capital
: UAE Dh 150,000
Sheikh Tahnon Bin
Saeed Al Nahyan is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
security control systems and related equipment, including smart cards,
e-payment products, attendance control products, identification documents, IP
telephone systems, call centre solutions, metal detectors, CCTV surveillance
systems and armoured vehicles.
Import
Countries: Europe and the
Far East.
Brand Names: ORACLE, MICROSOFT, TRACK-IT and FOOTPRINTS
Operating Trend: Steady
Subject has a
workforce of 45 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
15,625,000 UAE Dh
16,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
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.63.61 |
|
|
1 |
Rs.97.27 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
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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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.