MIRA
INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SOHA ELECTRONICS AND COMPUTERS TRADING LLC |
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Registered Office : |
Salem Masbah
Building No. 22, Flat No. 4, Al Ain Street, Industrial Area, P O Box 84196,
Al Ain |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
15.08.2010 |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Distributors of value added computer products |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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) |
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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 |
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 : SOHA ELECTRONICS AND COMPUTERS TRADING LLC
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company – LLC
Registration Date : 15th August 2010
Trade Licence Number : 1189120
Chamber Membership Number : 353654
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 6
Activities : Distributors of value added computer products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
SOHA ELECTRONICS
AND COMPUTERS TRADING LLC
Registered &
Physical Address
Building : Salem Masbah Building No. 22,
Flat No. 4
Street : Al Ain Street
Area : Industrial Area
PO Box : 84196
Town : Al Ain
Country : United Arab Emirates
Telephone : (971-6) 0052333
Mobile : (971-50) 9244995
Email : info@soha.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Al Ain.
Name Nationality Position
·
Nematullah
Ismail Sabagh Borani Iranian Managing Director
·
Fayez
Bhman Rahmat Al Mazrouie Emirati Director
Date of Establishment : 15th
August 2010
Legal Form :
Limited
Liability Company – LLC
Trade Licence No. : 1189120
(Expires 17/10/2013)
Chamber Mem. No. : 353654
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder
(s) Percentage
·
Fayez
Bhman Rahmat Al Mazrouie 51%
·
Nematullah
Ismail Sabagh Borani 49%
Activities: Engaged in the import and distribution of
value added computer products.
Import
Countries: Europe and the United
States of America.
Brands:
·
Gate
Protect
· Kaspersky
Subject has a
workforce of 6 employees.
Companies
registered in Al Ain, 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.
·
Abu
Dhabi Commercial Bank
Main Branch
PO Box: 15180
Al Ain
Tel: (971-3) 7660000
Fax: (971-3) 7511455
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.54.24 |
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UK Pound |
1 |
Rs.84.30 |
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Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.