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Report No. : |
319526 |
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Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MINDWARE FZ LLC |
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Registered Office : |
Cayan Business
Centre, 10th Floor, Tecom, Dubai Internet City, Al Barsha, P
O Box: 55609, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.02.2001 |
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Legal Form : |
Free Zone Company – FZ LLC |
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Line of Business : |
Distribution of computer
software, computer equipment and requisites, as well as offering PC repair
and maintenance services. |
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No. of Employees : |
56 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 : MINDWARE
FZ LLC
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company – FZ LLC
Registration Date : 19th
February 2001
Trade Licence
Number : 19179
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce :
56
Activities :
Distribution and maintenance of computer software
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Munir Mohamed,
Public Relations Officer
MINDWARE FZ LLC
Building : Cayan Business Centre,
10th Floor
Area : Tecom, Dubai Internet City, Al
Barsha
PO Box : 55609
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4500600
Facsimile : (971-4) 4500678
Email : marketing@mindware.ae / sales@mindware.ae
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Mario
Gay General
Manager
·
Shadi
Tahan Sales
Manager
·
Rania
Al Khatib Marketing
Manager
·
Arkan
Saleh Financial
Manager
·
Munir
Mohamed Public
Relations Officer
Date of Establishment : 19th
February 2001
Legal Form :
Free Zone Company – FZ LLC
Trade Licence No. : 19179
(Expires 31/12/2015)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Mindware
SA 100%
Panama
·
Mindware
Trading Co LLC
Cayan Business Centre, 10th Floor
Tecom, Dubai Internet City, Al Barsha
PO Box: 55609
Dubai
Tel: (971-4) 4500600
Fax: (971-4) 4500678
CR No. 40124
Activities: Engaged in the distribution of computer software,
computer equipment and requisites, as well as offering PC repair and
maintenance services.
Subject is ISO 9001:2000 accredited.
In March 2002 INTEL
Corporation awarded Mindware FZ LLC with the leading distributor of IT services
award in the region. This is a special recognition for having achieved the best
sales of motherboards in emerging markets for 2001.
Import
Countries: Japan, the
United Kingdom and the United States of America.
International
Suppliers :
·
Novell
Inc. United States of America
·
Red Hat
UK Ltd United Kingdom
·
IBM
Corporation United States of America
·
Cisco
Systems United States of America
·
Micrografx United States of America
·
Veritas United States of America
Brand Names: ADOBE, BROCADE, CA TECHNOLOGIES, CHEETAH,
CITRIX, DELL, EMC, EMERSON, INTEL, JUNIPER, KINGSTON TECHNOLOGY, MCAFEE,
MICROSOFT, NEXANS, QUANTUM, SAP BUSINESS OBJECTS, SMS PASSCODE, SUSE, SYMANTEC
and DELL WYSE
Operating Trend: Steady
Subject has a
workforce of 56 employees.
Financial highlights
provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh
43,000,000 UAE Dh
44,750,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box: 66
Dubai
Tel: (971-4) 2535000
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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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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.