MIRA INFORM REPORT

 

 

Report Date :

22.07.2014

 

IDENTIFICATION DETAILS

 

Name :

ARWEN TECH INTERNATIONAL FZC

 

 

Registered Office :

Plot No. Q01, 06 / 96 C, Near Gate No. 3 Saif Zone PO Box 120359 Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

30.06.2013

 

 

Date of Incorporation :

28.07.2008

 

 

Legal Form :

Free Zone Company - FZC

 

 

Line of Business :

Engaged in the import and distribution of computer equipment

 

 

No. of Employees

02

 

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

Payment Behaviour :

No complaints

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

SUMMARY

 

Company Name                         : ARWEN TECH INTERNATIONAL FZC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 28th July 2008

Trade Licence Number                            : 6478, Saif Zone

Issued Capital                                        : UAE Dh 500,000

Paid up Capital                                      : UAE Dh 500,000

Total Workforce                                     : 2

Activities                                               : Distributors of computer equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Imran Khan, Assistant General Manager

 

 

COMPANY NAME

 

ARWEN TECH INTERNATIONAL FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. Q01, 06 / 96 C, Near Gate No. 3

Area                 : Saif Zone

PO Box             : 120359

Town                 : Sharjah

Country             : United Arab Emirates

 

Telephone         : (971-6) 5579483

Facsimile          : (971-6) 5579485

Mobile               : (971-50) 5876963

Email                : arwenfzc@eim.ae

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Saif Zone Area of Sharjah.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Bashir Zain                                                                                       Managing Director

 

·       Imran Khan                                                                                       Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th July 2008

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.       : 6478, Saif Zone

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)                                 Percentage

 

·       Arwen Tech Pvt Ltd                                                   100%

Pakistan

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of computer equipment.

 

Arwen Tech has been issued a letter of intent by the Dubai Islamic Bank for their LAN/WAN infrastructure project.  DIB is the first Islamic bank in the world and a driving force for change in the Islamic banking industry. The bank is looking at expanding its business in Pakistan and plans to establish its Head Office

and Branch Office in Karachi.

 Arwen Tech will equip Dubai Islamic Bank with Cisco 6500 Series high end switches and various other Cisco products. The company will also provide proxy servers and network monitoring software.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 2 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 30/06/12:                Year Ending 30/06/13:

 

Total Sales                                UAE Dh 300,000                        US$ 340,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Imran Khan, Assistant General Manager

 

 

BANKERS

 

·       Dubai Islamic Bank

PO Box: 1409

Sharjah

Tel: (971-6) 5726444

Fax: (971-6) 5727555

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.19

UK Pound

1

Rs.102.87

Euro

1

Rs.81.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.