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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
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Name : |
AMAGIC TECHNOLOGIES USA |
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Registered Office : |
Plot No. RA 8 VA-05 Sheikh Zayed Road Jebel Ali Free Zone PO Box 61306
Dubai |
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|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
28.12.1995 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import and distribution of stationery
equipment, educational aids, greeting cards, gifts, paper products, packaging
materials, bags, containers and computer software |
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|
|
|
No. of Employees |
12 |
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 : |
Branch of a foreign registered corporation |
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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 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 |
Company Name : AMAGIC TECHNOLOGIES USA
Country of Origin : United States of America
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 28th December 1995
Trade Licence Number : 1224
Chamber Membership Number : 37048
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Total Workforce : 12
Activities : Distributors of stationery equipment, educational aids, greeting cards, gifts, paper products, packaging materials, bags, containers and computer software
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AMAGIC TECHNOLOGIES USA
Building : Plot No. RA 8
VA-05
Street : Sheikh Zayed
Road
Area : Jebel Ali
Free Zone
PO Box : 61306
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8838628
Facsimile : (971-4)
8838865
Email : amagicus@emirates.net.ae
Subject operates from a small suite of offices that are rented and
located in the Jebel Ali Free Zone Area of Dubai.
Name Position
· Joseph Habchi Managing
Director
· Anna Tobolong Administration
Executive
Date of
Establishment : 28th
December 1995
Legal Form : Subject is the
United Arab Emirates registered branch of Amagic Technologies Ltd, a
Limited Liability Company incorporated in
United States of America.
Amagic Technologies USA in the United Arab Emirates, operates as a Branch
of a Foreign
Registered
Corporation.
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 Amagic Technologies
Ltd.
Trade Licence No. : 1224 (Expires 24/02/2015)
Chamber Member No. : 37048
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Activities: Engaged in the import and distribution of stationery equipment,
educational aids, greeting cards, gifts,
paper products, packaging materials, bags, containers and computer
software.
Import Countries: Hong Kong
International Suppliers:
· K Laser Technology
(HK) Co Ltd Hong Kong
Subject has a workforce of 12 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.
·
Arab Bank for Investment & Foreign Trade
PO Box: 5549
Dubai
Tel: (971-4)
2220151
Fax: (971-4)
2223431
No complaints regarding subject’s payments have been reported.
Any credit amount that is to be offered to this company should be
written under the name of “Amagic Technologies Ltd” and directed to the
companies head office address in United States of America.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.