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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
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Name : |
PROLOGIX LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2013 |
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Date of Incorporation : |
25.06.2001 |
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Com. Reg. No.: |
997153, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the provision of IT and networking
solutions, including IT infrastructure, security, software and web solutions,
disaster recovery management, telecom expense management, strategy
solutions, application and infrastructure services. |
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No. of Employees : |
145 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 |
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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 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. 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. 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 :
PROLOGIX LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
25th June 2001
Commercial Registration Number :
997153, Dubai
Trade Licence Number :
527300
Chamber Membership Number :
64626
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
145
Activities :
Provision of IT and networking solutions
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Bapi Samal, Financial Controller
PROLOGIX LLC
Registered &
Physical Address
Building : RKM
Properties Building, Warehouse No. 55
Street : Street No. 4
Area : Al Quoz
Industrial Area No. 3
PO Box : 72567 &
71790
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3407840
Facsimile : (971-4)
3547771
Mobile : (971-55)
1884842
Email : jccinfo@emirates.net.ae
/ info@prologixme.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Dubai.
Name Nationality Position
Lal Singh Bhogal Indian Managing
Director
Baljinder Kaur Nirmal Singh Chana Indian Director
Sarwan Singh Lal Singh Bhogal Indian Director
Abdullah Mohamed Ali Eid Al Marri Emirati Director
Aditya Sahaya - Distribution
Manager
Sanoj Kumar - Business
Development Manager
Manuj Bhusari - Chief
Financial Officer
Umar Ahmed - Sales
Manager
Bapi Samal - Financial
Controller
Sajid Shahid - Commercial
Manager
Baljinder Kaur - Marketing
Manager
Date of Establishment : 25th June 2001
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 997153, Dubai
Trade Licence No. : 527300 (Expires 23/06/2014)
Chamber Member No. : 64626
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Abdullah Mohamed Ali Eid Al Marri 51%
Lal Singh Bhogal 25%
Baljinder Kaur Nirmal Singh Chana 12%
Sarwan Singh Lal Singh Bhogal 12%
Activities: Engaged in the provision of
IT and networking solutions, including IT infrastructure, security, software
and web solutions, disaster recovery management, telecom expense management,
strategy solutions, application and
infrastructure services.
Import Countries: Europe
and the Far East.
Brand Names: ENGENIUS,
VIRDI, DELL, UBIQUITI, IBM, MICROSOFT, SONICWALL, ACER, NORTEL, SYMANTEC,
CISCO, JUNIPER, PROCURVE, NETGEAR, 3COM, APC and INFOSEC
Operating Trend: Steady
Subject has a workforce of 145 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/12: Period Ending 30/09/13:
Total Sales UAE
Dh 254,240,663 UAE Dh
214,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Bapi Samal,
Financial Controller
Union National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4) 2211188
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
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|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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.