|
Report Date : |
20.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
TECH ACCESS FZ
LLC |
|
|
|
|
Registered Office : |
Dubai Internet City,
Building No. 1, Office G01-G03, PO Box 500177, Dubai |
|
|
|
|
Country : |
United Arab
Emirates |
|
|
|
|
Legal Form : |
Branch of a
Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Distributors of computer
software and data processing requisites. |
|
|
|
|
No. of Employees : |
8 |
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 : |
Satisfactory |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : TECH ACCESS FZ LLC
Country of Origin : British
Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 18th
April 2000
Trade Licence
Number : 19116
Chamber Membership
Number : 62524
Issued Capital : UAE Dh
552,000
Paid up Capital : UAE Dh
552,000
Total Workforce : 8
Activities :
Distributors of computer software and data processing requisites.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
TECH ACCESS FZ LLC
Registered & Physical Address
Location : Dubai Internet City, Building No.
1, Office G01-G03
PO Box : 500177
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 3911820
Facsimile : (971-4) 3918875
Email : info@tech-access.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
Mohamed Shomail
Ghalib British Managing Director
Date of
Establishment : 18th April 2000
Legal Form :
Subject is the United Arab
Emirates registered branch of Tech Access Limited, a Limited Liability Company incorporated in the
British Virgin Islands.
Tech Access FZ LLC 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 British Virgin
Islands.
Trade Licence
No. : 19116 (Expires 17/04/2013)
Chamber Member
No. : 62524
Issued Capital : UAE Dh 552,000
Paid up Capital : UAE Dh 552,000
Activities: Engaged in the import and distribution of computer
software and data processing requisites.
Import
Countries: Europe, the Far
East and the United States of America.
International
Suppliers:
Sun Microsystems
Net App
Symantec
Oracle
Hitachi
Subject has a
workforce of 8 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.
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.54.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
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 |
|
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.