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Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
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Name : |
COMSTOR MIDDLE EAST LTD |
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Registered Office : |
Unit K06 Al Twar Road Dubai Airport Free Zone PO Box 293725 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 : |
14.02.2007 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and distribution of data networking and communication products. |
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No. of Employees : |
36 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Branch of a Foreign Registered Corporation |
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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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE's strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment
Source
: CIA
Company Name : COMSTOR MIDDLE EAST LTD
Country of Origin : Netherlands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 14th February 2007
Trade Licence Number : 1237
Chamber Membership Number : 118329
Issued Capital : US$ 1,000,000
Paid up Capital : US$ 1,000,000
Total Workforce : 36
Activities : Distributors of data networking and communication products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rodney Vaz, Financial Controller
COMSTOR MIDDLE EAST LTD
Building : Unit K06
Street : Al Twar Road
Area : Dubai
Airport Free Zone
PO Box : 293725
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2998860
Facsimile : (971-4)
2998870
Email : willem.de.haan@westcongroup.nl
/ Rodney.vaz@comstorme.com
/ raju.ameer@comstorme.com
/ arun.kumar@comstorme.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Dubai Airport Free Zone Area.
Name Position
· Renton Dsouza General
Manager
· Raju Ameer Sales
Manager
· Arun Kumar Logistics
Manager
· Tochar Chola Marketing
Manager
· Vijay Peter Finance
Manager
· Rodney Vaz Financial
Controller
Date of
Establishment : 14th
February 2007
Legal Form : Subject is the
United Arab Emirates registered branch of Comstor Middle East Limited, a
Limited Liability Company incorporated in
Netherlands.
Comstor
Middle East Ltd in the United Arab Emirates, operates as a Branch of a
Foreign
Registered
Corporation with its registered office located at the following address:
Comstor Middle East Limited
Meidoornkade 12
3992
AE Houten
Netherlands
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 Netherlands.
Trade Licence No. : 1237 (Expires 14/02/2014)
Chamber Member No. : 118329
Issued Capital : US$ 1,000,000
Paid up Capital : US$ 1,000,000
· Westcom Middle
East Ltd
Jebel
Ali Free Zone
Dubai
Activities: Engaged in the import and distribution of data networking and
communication products.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 36 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales UAE
Dh 68,446,273 US$
72,028,789
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rodney Vaz, Financial Controller
·
Union National Bank
Baniyas Street
PO Box: 6811
Dubai
Tel: (971-4)
2211188
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.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.