|
Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CSD EU BV |
|
|
|
|
Registered Office : |
East Wing,
Building 4A, Office No. 222, Dubai Airport Free Zone Authority, P O Box 54613,
Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
05.09.2004 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
importer and distributor of computer products and components. |
|
|
|
|
No of Employees : |
08 |
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 |
|
|
|
|
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) |
|
United Arab Emirates |
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 |
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 : CSD EU BV
Also Known As : FOXCONN
Country of Origin : Netherlands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 5th September 2004
Trade Licence Number : 487
Total Workforce : 8
Activities : Distributors of computer products and components.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
CSD EU BV
FOXCONN
Registered &
Physical Address
Location : East Wing, Building 4A, Office No.
222, Dubai Airport Free Zone Authority
PO Box : 54613
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 2045266
Facsimile : (971-4) 2045276
Email :
sales.mea@foxconn.ae
Premises
Subject operates
from a small suite of offices that are rented and located in the Dubai Airport
Free Zone.
Name Position
·
Shu Fen
Kuo General
Manager
·
Samsung
Fernandes Marketing
Manager
·
Navin
Kumar Finance
Manager
Date of Establishment : 5th
September 2004
Legal Form :
Subject is the United Arab
Emirates registered branch of Channel Service Division Europe BV, a Limited
Liability Company incorporated in the Netherlands.
CSD EU BV 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 the Netherlands.
Trade Licence No. : 487
(Expires 06/09/2014)
Activities: Engaged in the import and distribution of
computer products and components.
CSD (Channel Service Division) is a BU under Foxconn PCEBG and responsible for clone business including Foxconn brand mother boards, bare bone system and chassis. We aim to deliver quality product to customers around the world with world class manufacturing and technology.
CSD is based in ShenZhen, China with global Sales and
Marketing teams in Taiwan, Dubai, Netherlands, UK, Russia and US to cover global market. Major IT channel players including
Synnex China, Avnet Europe, Korea PC Direct, India Esys and US Newegg are among
our strategic customers. Subject has a strong capability with vertical
integration from components to system, from supply chain to manufacture to meet
customers’ needs with quality, speed, flexibility and cost. Major vendors
including Intel and AMD are two key partners who work closely during the
product development.
Subject has 19 service centers around the world to take care
of RMA repair and DOA replacement, and a call center in China to solve
customers’ questions timely by phone, email or online chat.
Import Countries: China
Subject has a
workforce of 8 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.
·
Emirates
National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222555
Fax: (971-4) 2221110
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.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.