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Report Date : |
26.12.2012 |
IDENTIFICATION DETAILS
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Name : |
APTEC DISTRIBUTION FZ LLC |
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Registered Office : |
Building EIB03, 1st Floor Dubai Internet City PO Box 33550
Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
05.07.2005 |
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Legal Form : |
Free Zone Limited Liability Company – FZ LLC |
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Line of Business : |
Distributors of IT hardware, software and communication products |
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No. of Employees : |
25 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
A2 |
A2 |
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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 |
UAE - 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 UAE 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. The economy is expected to continue a slow rebound.
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 : APTEC DISTRIBUTION FZ LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Limited Liability Company – FZ LLC
Registration Date : 5th July 2005
Trade Licence Number : 20264
Chamber Membership Number : 101742
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 25
Activities : Distributors of IT hardware, software and communication products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
APTEC DISTRIBUTION FZ LLC
Building : Building
EIB03, 1st Floor
Area : Dubai
Internet City
PO Box : 33550
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3697111
Facsimile : (971-4)
8837838 / 3697110
Email : sales@aptecme.com
Subject operates from a medium sized suite of offices that are rented
and located in the Dubai Internet City.
Name Nationality Position
· Bahaa Eldin
Mohamed Salah Eldin Abou Elgheit Egyptian Managing Director
· Amro Ali Baghdadi British Director
· Essam Ali Baghdadi British Director
· Barry Almand British Director
· Nabeel Jasim
Mohamed Al Madfa Emirati Director
· Mario M Veljovic - Operations
Manager
· Svetlana Sorokina - Regional
Marketing Manager
· Louis Oosthuizen - Chief
Financial Officer
Date of
Establishment : 5th
July 2005
Legal Form : Free Zone Limited
Liability Company – FZ LLC
Trade Licence No. : 20264 (Expires 04/07/2013)
Chamber Member No. : 101742
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Amro Ali Baghdadi 61%
· Essam Ali Baghdadi 20%
· Barry Almand 7%
· Bahaa Eldin
Mohamed Salah Eldin Abou Elgheit 7%
·
Nabeel Jasim Mohamed Al Madfa 5%
Activities: Engaged in the import and distribution of IT hardware, software and
communication products.
Import Countries: Europe and the Far East.
Brand Names: 3M, ALLIED TELESIS,
ALTAIR, AVAYA, CISCO, DELL, D LINK, FUJITSU, HP, IBM, LINKSYS,
MCAFEE, MICROSOFT,
NET APP, ORACLE, RIVERBED, SYMANTEC, VEEAM, VMWARE and
WYSE
Subject has a workforce of 25 employees.
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.
·
Union National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4)
2211188
No complaints regarding subject’s payments have been reported.
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 |
Rs.55.08 |
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1 |
Rs.89.09 |
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Euro |
1 |
Rs.72.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.