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Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TRACK DISTRIBUTION MIDDLE EAST FZ LLC |
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Registered Office : |
EIB Building No. 3, 2nd Floor, Dubai Internet City, PO Box
33550 & 111778, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
30.09.2007 |
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Legal Form : |
Free Zone Limited Liability Company – FZ LLC |
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Line of Business : |
Distributors of information technology products |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
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UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 FZ LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Limited Liability Company – FZ LLC
Registration Date :
30th September 2007
Trade Licence Number :
16311
Chamber Membership Number :
197994
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
25
Activities :
Distributors of information technology products
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Johnson Gomez, Human Resources Manager
TRACK DISTRIBUTION MIDDLE EAST FZ LLC
Building : EIB Building
No. 3, 2nd Floor
Area : Dubai
Internet City
PO Box : 33550 &
111778
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3697111
/ 4293476
Facsimile : (971-4)
3697110
Email : reception@aptecme.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dubai.
Name Nationality Position
· Essam Ali Baghdady British Managing
Director
· Baha Salah - General
Manager
· Johnson Gomez - Human
Resources Manager
Date of
Establishment : 30th
September 2007
Legal Form : Free Zone Limited
Liability Company – FZ LLC
Trade Licence No. : 16311 (Expires 30/06/2013)
Chamber Member No. : 197994
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Aptec Holding Ltd 100%
Dubai
· Track Distribution
Middle East LLC
EIB Building No. 3, 2nd Floor
Dubai Internet City
PO Box: 30705 & 111778 & 50718
Dubai
Tel: (971-4) 3355108 / 4293476
Fax: (971-4) 3359338 / 3697114
·
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 import and distribution of information technology
products.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 25 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 52,600,000 UAE Dh
55,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Johnson Gomez, Human Resources
Manager
·
HSBC Bank Middle East
Deira Souk Branch
PO Box:
66
Dubai
Tel:
(971-4) 2535000
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.54.48 |
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UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.