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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TRACK DISTRIBUTION MIDDLE EAST LLC |
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Registered Office : |
Dubai Internet City, EIB Building 3, 2nd Floor, PO Box
30705 & 111778 & 50718, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.06.2006 |
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Com. Reg. No.: |
81736 |
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Legal Form : |
Limited Liability |
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Line of Business : |
Distribution of IT products. |
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No. of Employees : |
65 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 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 : TRACK
DISTRIBUTION MIDDLE EAST LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
27th June 2006
Commercial Registration Number : 81736, Dubai
Trade Licence Number :
582826
Chamber Membership Number :
108912
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
65
Activities :
Distribution of IT products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Johnson Gomez, Financial Controller
TRACK DISTRIBUTION MIDDLE EAST LLC
Registered &
Physical Address
Location : Dubai
Internet City, EIB Building 3, 2nd Floor
PO Box : 30705 &
111778 & 50718
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3355108
/ 4293476
Facsimile : (971-4)
3359338 / 3697114
Email : customerservice@tdme.ae
/ shalindras@tdme.ae
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Dubai Internet City.
Name Nationality Position
Nabil Jassem Mohamed Al Midfa Emirati Managing
Director
Shalindras Sinani - General
Manager
Johnson Gomez - Financial
Controller
Rensi Abraham - Human
Resources Manager
Zuklana Silic - Sales
Manager
Date of Establishment : 27th
June 2006
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 81736, Dubai
Trade Licence No. : 582826 (Expires
26/06/2013)
Chamber Member No. : 108912
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Nabil Jassem Mohamed Al Midfa 51%
Aptec Distribution FZ LLC 49%
Dubai
Track Distribution Pakistan
Office No. 410, 4th Floor, Caesars Tower
National IT Park
Karachi
Pakistan
Tel: (92-21) 2788736
Track Distribution Saudi Arabia
Arabian Applied Technology Office No. 406, 4th
Floor
Akaria No.2, Olaya Street
PO Box: 94609
Riyadh 11614
Saudi Arabia
Tel: (966-1) 4604544
Fax: (966-1) 4603533
Arabian Applied
Technology
Office No. 5, 3rd Floor, Al Rabee
Building
Khalid
Bin Al Waleed Street
Sharafiya District
Jeddah
Saudi Arabia
Tel: (966-2) 2845660
Fax: (966-2) 2845855
Activities: Engaged in the distribution of IT products and has distribution
agreements with Cisco, Oracle, WD and other A Brand manufacturers.
Subject also offers pre-sales support and consultancy, pre-staging
services, installation and configuration
services.
Import Countries: Europe and the United States of America
Operating Trend: Steady
Subject has a workforce of 65 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales US$
66,800,000 US$ 71,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Johnson Gomez, Financial
Controller
Commercial Bank of Dubai
Mankhool Street
PO Box: 2668
Dubai
Tel: (971-4) 3523355
Fax: (971-4) 3527655 / 2524796
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.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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.