MIRA INFORM
REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
APTEC DISTRIBUTION FZ LLC |
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|
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Registered Office : |
Lulu Building 101 No. EIB 03, Telecom Zone Dubai Internet City, P.O.
Box 33550, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
01.07.2005 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Importers
and distributors of IT and
telecommunication equipment |
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 : |
Dh
7,000,000 |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
COmpany NAME
Aptec Distribution FZ LLC
company ADDRESS
Building
: Lulu Building 101 No. EIB 03
Area : Telecom Zone Dubai Internet City
P.O.
Box : 33550
Town : Dubai
Country : United Arab Emirates
Telephone :
(971 4) 369 7111
Fax : (971 4) 369 7110
E-Mail : jgomez@aptecme.com
SENIOR COMPANY PERSONNEL
Name Position
1.
Dr. Amr Ali Baghdady President & Chief Executive Officer
2.
Essam Ali Baghdady Vice-President
3.
Bahaa Salah General Manager
4.
Johnson Gomez Chief Accountant
5.
Mario M. Veljovic Operations & Commercial Manager
Total
Employees : 143 (subject)
650 (group)
PAYMENTS
No
complaints have been heard regarding payments from local suppliers
or
banks.
Subject
is a member of the APTEC Group which is the largest
wholesaler
of computer and mobile phone products in the Middle East,
Turkey,
Africa and CIS. The company is a distributor of major brands
and
provides its products and services through a network of 5,000
reseller
outlets. APTEC's operations cover 70 countries in the Middle
East,
Africa, Europe and CIS.
We
consider it is acceptable to deal with subject for LARGE amounts.
Opinion
on maximum credit : Dh 7,000,000
Trade
risk assessment : Normal
PRINCIPAL BANKERS
NAME : STANDARD CHARTERED BANK
Branch : Al Mankhool Street
PO
Box : 999
Town : Dubai
Telephone:
(971 4) 352 0455
Fax : (971 4) 352 6679
Subject
also has an account with :
Commercial
Bank of Dubai
Deira
Branch
Beniyas
Street
PO
Box : 1709
Dubai
Telephone:
(971 4) 225 3222
Fax : (971 4) 222 0943 / 227 3707 / 225 4565
FINANCIAL INFORMATION
Private
companies in United Arab Emirates are not required to publish
or
disclose balance sheets. However, the subject interviewed offered
the
following information :
Sales
Turnover : US DLRS 128,000,000 - 2009 – exact
: US DLRS 126,000,000 –
2010 – exact
Net
Profit : US DLRS 810,000 - 2009 – exact
: US DLRS 1,500,000 –
2010 – exact
Financial
year ends 31 December.
The
following financial information latest available for the Group :
Sales
Turnover : US DLRS 200,000,000 - 2005 - exact
: US DLRS 250,000,000 - 2006 - exact
: US DLRS 320,000,000 - 2007 - exact
: US DLRS 600,000,000 - 2008 - exact *
: US DLRS 1,000,000,000 -
2009 - exact *
Net
Profit : not given but stated to
be profitable
*
A significant increase in sales turnover in 2008 and 2009 was
attributed
to expansion of the business.
LEGAL STATUS AND HISTORY
Date
Started : 1 July 2005
History
: Subject was established in Dubai Internet City in 1 July 2005.
DCCI
Membership No. : 101742 (issued on 17 October 2005)
Trade
License No.: 20264 (expiry date : 30 June 2011)
Authorised
Capital : Dh 300,000
Paid
up Capital : Dh 300,000
Free
Zone Company (limited liability company) with the following
sole
shareholder :
APTEC
Holdings Limited
100%
Sheikh
Zayed Road
Jebel
Ali Free Zone
P.O.
Box 61304
Dubai
Tel:
(971 4) 883 7838
Fax:
(971 4) 883 7930
Est.:
18 October 2005
C.R.
No. : 0092 (issued by Dubai International Financial Center
(DIFC),
expiry date : 17 October 2010)
C.R.
No.: IBC 336198 (British Virgin Islands)
Chamber
of Commerce Membership No. : 97519
Authorised
Capital : US DLRS 100,000
Capital
: US DLRS 2,500
APTEC
Holdings Limited' shareholders are:
- DIFC Investments LLC *
Level 14, The Gate Building
DIFC
P.O. Box 74777
Dubai
Tel: (971 4) 362 2222
- Dr. Amr Ali Baghdadi
(Egyptian and British national)
*
majority of the shares
**
It is understood that Dr. Amr Baghdadi is the founder of the
company.
APTEC
Holdings Limited's registered address :
c/o
Bison Financial Services Ltd
Columbus
Centre
Wickhams
Cay I.
PO
Box 3460
Road
Town
Tortola
Virgin
Islands, British
***
According to law No.9 governing the establishment of companies in
the
Jebel Ali Free Zone, which was introduced in early 1992 and came
into
force in October 1992, foreign companies are allowed to set up
separate
legal entities referred to as Free Zone Establishments
(FZEs)
and Free Zone Companies (FZCO) having all features of a
Private
Limited Liability Company. The FZE can
be either owned by a
foreign
individual or a corporate body. Its liability is determined
by
the amount of paid-up capital, which must be at least Dh 1
million.
Previously, FZEs had to be branches of a company registered
in
a foreign country. A FZCO legal form allows investors to establish
a
company in Jebel Ali Free Zone having more than one shareholders
(FZE
only permits one shareholder). Its minimal registered capital is
Dh
500,000.
Affiliated
companies of Aptec Distribution FZ LLC :
Associates
1. Advanced Technology Services (ATS) FZ LLC
TECOM Zone Bldg
PO.Box 33550
Dubai
Tel: (971 4) 369 7115
Fax: (971 4) 369 7116
2. Aptec Kiosk Services (AKS)
P.O. Box 33550
Dubai UAE
Tel: (971 4) 369 7119
Fax: (971 4) 369 7118
3. Brightec FZ LLC
P.O. Box 500181
Dubai
Tel: (971 4) 360 4737
Fax: (971 4) 360 4736
4. Track Distribution Middle East llc
(formerly Tech Data Middle East)
PO Box 43659
Dubai Union House
Port Saeed Road
Tel: (971 4) 211 5494
Fax: (971 4) 211 5404
5. Aptec CHS International Limited
Care of Bison Financial Services Limited
Tropic Isle Building
PO Box 438
Road Town
Tortola
British Virgin Islands
6. Aptec KSA
Olaya -Agaria No 2
Office 406
P.O. Box 94609
Riyadh
Saudi Arabia
7. Aptec International Ltd
12 Culvert Road
Culvert House
Battersea
London SW11 5DH
UK
Financial Director : Barry Almand
8. Aptec Lebanon
St Georges Square
Block A Floor 1
Jal-El-Dib
Becknaya Street
Lebanon
9. Aptec Turkey
Suleyman Seba Caddesi
92/4 Akaretler
80200 Besiktas
Istanbul
Telephone : 90 212 259 0064
Fax
: 90 212 259 0094
10.
APTEC Egypt
Mahmoud Nashed St No 3
Heliopolis
Cairo
Egypt
Telephone:
(20 2) 644 4262 / 644 4264
Fax
: (20 2) 648 1110
11.
Aptec Kuwait-KFTZ:
The Enterprise Center-Office # F 15
P.O.Box 64585
Shuwaikh/B 222 KFTZ Code 70456
Kuwait
Tel: (965) 461 0280
12.
Aptec Africa
P.O.Box 33550
Dubai Internet City
Dubai
Tel: (971 4) 369 7111
Fax: (971 4) 369 7110
13.
Aptec Gulf LLC
Naeema Ali Buameem Bldg
Za'abeel Street
Umm Hurer 1st
PO Box : 33550
Dubai
(the above company is dormant since July
2005, its activities
were transferred to Aptec Distribution FZ
LLC)
DCCI Membership No.: 42014
Trade License No.: 245302
Shareholders are : - Ali Baghdadi (Egyptian
national)
- Nabil Al Medfa (UAE
national)
14 Tech Data Middle East LLC
Dubai
ACTIVITIES
The
Company is involved in the following activities :
Importers
and distributors of IT and telecommunication equipment.
Principal
agencies held : Hewlett-Packard, Acer, Fujitsu-Siemens,
IBM,
BenQ and APC, LEXMARK, Symantec, PC-Systems and
Notebooks, as well as UPS (Uninterruptible Power Supplies), Printers, Scanners
and digital camera s.
Principal
overseas suppliers include :
Microsoft
Europe
Blackthorn
Road
Dublin
Republic
of Ireland
Tel
: (353 1) 706 4428
Imports
from Taiwan, China, UK, Germany and France.
Exports
to GCC and African countries.
FACILITIES
The
Company has the following facilities :
Office
premises with storage facilities located at the heading
address
as well as branches located elsewhere in Dubai.
SPECIAL NOTE
Interviewed:
Johnson Gomez (Chief Accountant)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
UK Pound |
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
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 |
|
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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.