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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
OPTICAL DISC SOURCE FZE |
|
|
|
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Registered Office : |
Al Jazeera Al Hamra, PO Box 31291, Ras Al Khaimah |
|
|
|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
04.01.2012 |
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Legal Form : |
Free Zone Establishment |
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|
|
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Line of Business : |
Subject is engaged in the import and distribution of digital disc and
media products. |
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|
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No of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 :
OPTICAL DISC SOURCE FZE
Country of Origin :
Ras Al Khaimah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date :
4th January 2012
Trade Licence Number :
RAKIA 51FZ301125004
Issued Capital :
UAE Dh 150,000
Paid up Capital :
UAE Dh 150,000
Total Workforce :
8
Activities :
Distributors of digital disc and media products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
OPTICAL DISC SOURCE FZE
Registered Address
Location : Al Jazeera Al
Hamra
PO Box : 31291
Town : Ras Al
Khaimah
Country : United Arab Emirates
Physical Address
Location : 502, 1 Lake
Plaza, Cluster (T), Jumeirah Lakes Towers
PO Box : 11726
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4472064
Facsimile : (971-4)
4472089
Mobile : (971-50)
2599706
Email : sales@varaluae.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Position
Ravindara Deshpande General
Manager
Gopa Kumar Commercial
Manager
Satrudhan Mahato Financial
Controller
Date of Establishment : 4th
January 2012
Legal Form : Free Zone
Establishment - FZE
Trade Licence No. : RAKIA
51FZ301125004 (Expires 03/01/2015)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of
Shareholder (s) Percentage
Mama Inc 100%
United States of America
Activities: Engaged in the import and distribution of digital disc and media
products.
Import Countries: Europe and the Far East.
Subject has a workforce of 8 employees.
Companies registered in Ras Al Khaimah, 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.
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
Slow But Correct
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.61.23 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.