|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PARTECH INC |
|
|
Registered Office : |
Plot No. BP-02 Sheikh Zayed Road Jebel Ali Free Zone South PO Box
17263 Dubai |
|
|
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
15.09.1997 |
|
|
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
|
|
Line of Business : |
Distribution of computer equipment requisites and software also provision of IT solutions. |
|
|
|
|
|
|
No. of Employees : |
4 |
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 |
|
Status : |
Branch of a Foreign Registered Corporation |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : PARTECH INC
Country of Origin : United States of America
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 15th September 1997
Trade Licence Number : 1750
Chamber Membership Number : 103788
Total Workforce : 4
Activities : Distribution of computer equipment requisites and software also provision of IT solutions.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
PARTECH INC
Building : Plot No.
BP-02
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone South
PO Box :
17263
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860601
Facsimile : (971-4)
8860607
Email : mohamed_nijam@partech.ae
/ info@partech.ae
/ rawashdeh@partech.ae
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Mohamed Najam
Eddine General
Manager
· Mohamed Rawashdeh Commercial
Manager
Date of
Establishment : 15th
September 1997
Legal Form : Subject is the United
Arab Emirates registered branch of Par Microsystems Corporation, a Limited
Liability Company incorporated in United States of America.
Par
Tech Inc in the United Arab Emirates, operates as a Branch of a Foreign
Registered
Corporation.
A Branch
of a Foreign Registered Corporation is not a legal entity in its own
right. Responsibility for payments lays in the hands of the company
where it is
originally registered.
Under these circumstances, we strongly advise that any international trade
credit should only be written under the name of the main company where
the
subject holds its registered office, in this case the United States of
America.
Trade Licence No. : 1750 (Expires 18/01/2013)
Chamber Member No. : 103788
Activities: Engaged in the import and distribution of computer equipment requisites
and software also providers of IT solutions.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 4 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales UAE
Dh 17,500,000 UAE Dh
18,220,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Standard Chartered Bank
Khalid Bin Waleed
Street
PO Box: 999
Dubai
Tel: (971-4)
2520455
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.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
-- |
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.