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MIRA INFORM REPORT
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Report No. : |
489713 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
CREDENCE SECURITY DMCC |
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Registered Office : |
2201 Indigo Icon Towers, Jumeirah Lakes Towers, PO Box: 488130, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.04.2013 |
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Com. Reg. No.: |
4874 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the provision of cyber and IT security
technologies and solutions, as well as forensics and incident response
services |
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No. of Employees : |
5 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 of 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : CREDENCE SECURITY DMCC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company
Registration Date : 15th April 2013
Commercial Registration Number : 4874
Trade Licence Number : JLT 68399
Issued Capital : UAE Dh 60,000
Paid up Capital : UAE Dh 60,000
Total Workforce : 5
Activities : Providers of cyber and IT security technologies and solutions,
as well as forensics and incident response services
Financial Condition : Undetermined
Payments : No complaints
COMPANY
NAME
CREDENCE SECURITY DMCC
ADDRESS
Registered & Physical
Address
Location : 2201 Indigo
Icon Towers, Jumeirah Lakes Towers
PO Box :
488130
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4221260
Mobile : (971-56)
5879554
Email : infodxb@credencesecurity.com
Premises
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
·
Vivian Jevers South
African Managing
Director
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Garreth Scott - Sales
Manager
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Marc Bowen - Channel
Manager
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Ms Emy Penppio - Accountant
LEGAL
FORM & OWNERS
Date of
Establishment : 15th
April 2013
Legal Form : Limited Liability
Company
Commercial Reg. No. : 4874
Trade Licence No. : JLT 68399 (Expires 14/04/2018)
Issued Capital : UAE Dh 60,000
Paid up Capital : UAE Dh 60,000
Name of Shareholder (s) Percentage
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Vivian Jevers 100%
OPERATIONS
Activities: Engaged in the provision of cyber and IT security technologies and
solutions, as well as forensics and incident response services.
Subject has a workforce of 5 employees.
FINANCIAL
DATA
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
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Citibank
Khalid Bin Waleed Street
Bur Dubai
PO Box: 749
Dubai
Tel: (971-4) 2522100
Fax: (971-4)
2524942
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company 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 |
INR 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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UAE Dh |
1 |
INR 17.53 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
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Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.