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Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
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Name : |
WAREHOUSE OF GAMES LTD FZCO |
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Registered Office : |
Warehouse No. BA 4, Gate No. 7 Sheikh Zayed Road Jebel Ali Free Zone
PO Box 61361 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 : |
09.09.2002 |
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Legal Form : |
Free Zone Company - FZCO |
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Line of Business : |
Import and distribution of electronic games, amusement arcade and casino equipment and vending machines. |
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No. of Employees : |
18 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
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 |
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 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 : WAREHOUSE OF GAMES LTD FZCO
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Company - FZCO
Registration Date : 9th September 2002
Trade Licence Number : 3166
Chamber Membership Number : 70011
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 18
Activities : Import and distribution of electronic games, amusement arcade and casino equipment and vending machines.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Avelino Fernandes, Accounts Manager
WAREHOUSE OF GAMES LTD FZCO
Building : Warehouse
No. BA 4, Gate No. 7
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 61361
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8818431
/ 8835880
Facsimile : (971-4) 8816539
/ 8835979
Mobile : (971-50)
1430535
Email : info@warehouseofgames.net
/ sscdubai@emirates.net.ae
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Jebel Ali Free Zone Area of Dubai.
Name Nationality Position
· Nabil Adil Kassim
American Managing
Director
· Yohanes Nawaresh - Commercial
Manager
· Juvi Bas - Sales
Manager
· Joseph Marcado - Technical
Manager
·
Avelino
Fernandes - Accounts
Manager
·
Waleed
Alahrak - Operations
Manager
· Mohamed Naim
Akhtar - Public
Relations Manager
Date of
Establishment : 9th
September 2002
Legal Form : Free Zone Company
- FZCO
Trade Licence No. : 3166 (Expires 08/09/2013)
Chamber Member No. : 70011
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
· Nabil Adil Kassim 100%
Activities: Engaged in the import and distribution of electronic games, amusement
arcade and casino equipment and vending machines.
|
Warehouse of Games Ltd., is located in
Jebel Ali Free Zone, Dubai – UAE, and is considered to be one of the largest
distributors of coin operated amusement games and vending equipment in the
Middle East. The company represent most of the major manufacturers from
all over the world and have agreements to represent their products in the
Middle East, North Africa and India. To mention a few: |
||
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Import Countries: United States of America
International Suppliers:
· Stern Pinball Inc United States of
America
· UltraCade
Technologies United
States of America
Export Countries: GCC Region, North Africa and India
Operating Trend: Steady
Subject has a workforce of 18 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 18,750,000 UAE Dh
19,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Avelino Fernandes, Accounts
Manager
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel: (971-4) 2222241
·
Habib Bank Ltd
Murshid Bazaar
PO Box: 888
Dubai
Tel: (971-4)
2221281
Fax: (971-4) 2284631
No complaints regarding subject’s payments have been reported.
Credit amount 148,588
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Canadian
Dollars
Established in September 2002, Warehouse of Games Ltd FZCO specialises
in the import and distribution of electronic games, amusement arcade equipment,
and vending machines.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding 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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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 |
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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 |
|
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 |
|
-- |
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.