MIRA
INFORM REPORT
|
Report Date : |
06.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
ALMASA IT DISTRIBUTION FZCO |
|
|
|
|
Registered Office : |
Jebel Ali Free Zone, P O Box - 17768, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
2001 |
|
|
|
|
Legal Form : |
Free Zone Company - FZCO |
|
|
|
|
Line of Business : |
Engaged in the import and distribution of IT products and
computer hardware |
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$ 250,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ALMASA IT DISTRIBUTION FZCO
Country of Origin :
Legal Form : Free Zone Company - FZCO
Registration Date : 2001
Trade Licence Number : 3820
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 15
Line of Business : Distributors of IT products and computer hardware.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ALMASA IT DISTRIBUTION FZCO
ADDRESS
Registered & Physical Address
Location : Jebel Ali Free Zone
PO Box : 17768
Town :
Country :
Telephone : (971-4) 8837667 / 8811179
Facsimile :
(971-4) 8839327
Email : aarti.fernandes@almasa.com
Premises
Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.
KEY PRINCIPALS
Mehdi Kazem Amjad Managing Director
Aarti Fernandes General
Manager
Prem Mathis Logistics Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2001
Legal Form : Free Zone Company - FZCO
Trade Licence No. : 3820
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder
(s) Percentage
Mehdi Kazem Amjad 100%
Note to the Legal Form A Free Zone Company (FZCO) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.
AFFILIATED COMPANIES
Almasa Distribution LLC
Mohamed Abdulaziz Al Makhawi Building
Umm Hurer
PO Box: 30166
Tel: (971-4) 3348855
Fax: (971-4) 3348866
S L M Soft Technology LLC
Mohamed Abdulaziz Al Makhawi Building
PO Box: 50103
Tel: (971-4) 2220041
Fax: (971-4) 2229654
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of IT products and computer hardware.
Import Countries :
Europe and the
Subject has a workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Companies registered in
BANKERS
HSBC Bank
Deira Souk Branch
PO Box : 66
Tel : (971-4) 2535000
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 2001, subject is involved in the import and distribution of IT products and computer hardware.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 250,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)