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Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRACK DISTRIBUTION MIDDLE EAST FZ LLC |
|
|
|
|
Registered Office : |
EIB Building 3, 1st Floor, Dubai Internet City, 50718 &
33550 Dubai |
|
|
|
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Country : |
United Arab Emirates |
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|
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Date of Incorporation : |
30.09.2007 |
|
|
|
|
Legal Form : |
Free Zone
Company – FZ LLC |
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|
|
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Line of Business : |
Engaged in the provision of marketing, technology and consultancy
services. |
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|
|
|
No of Employees : |
75 |
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 : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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 :
TRACK DISTRIBUTION MIDDLE EAST FZ LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Free Zone Company – FZ LLC
Registration Date :
30th September 2007
Trade Licence Number :
16311
Chamber Membership Number :
197944
Issued Capital :
UAE Dh 500,000
Paid up Capital :
UAE Dh 500,000
Total Workforce :
75
Activities :
Providers of marketing, technology and consultancy services
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
TRACK DISTRIBUTION MIDDLE EAST FZ LLC
Building : EIB Building
3, 1st Floor
Area : Dubai
Internet City
PO Box : 50718 &
33550
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 3697111
/ 4293476
Facsimile : (971-4)
3452322 / 3697110 / 3697114
Email : marketinggrp@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
· Svetlana Sorokina - Marketing
Manager
· Sam Johny - Product
Manager
· Aleem Quadri - Sales
Manager
· Subi Sreedharan - Finance
Manager
Date of
Establishment : 30th
September 2007
Legal Form : Free Zone Company
– FZ LLC
Trade Licence No. : 16311 (Expires 30/06/2014)
Chamber Member No. : 197994
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
·
Aptec Holdings 100%
PO Box: 33550
EIB Building 3, 1st Floor
Dubai Internet City
Dubai
Tel: (971-4) 3697111
Fax: (971-4) 3697110
Activities: Engaged in the provision of marketing, technology and consultancy
services.
Subject has a workforce of 75 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.
·
Middle East Bank Ltd
Arbift Tower
Baniyas Street
PO Box: 5547
Dubai
Tel: (971-4)
2220121
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. 62.28 |
|
|
1 |
Rs. 103.84 |
|
Euro |
1 |
Rs. 85.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.