MIRA INFORM REPORT

 

 

Report No. :

351654

Report Date :

02.12.2015

 

IDENTIFICATION DETAILS

 

Name :

LIGHT SPEED DISTRIBUTION

 

 

Registered Office :

Roundabout No. 8, Warehouse No. AB02 Sheikh Zayed Road Jebel Ali Free Zone, Dubai, 18037

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

29.05.2003

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Subject is engaged in the import and distribution of computer equipment, IT products and related accessories.

 

 

No. of Employee :

8

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 of 2008, 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

LIGHT SPEED DISTRIBUTION

 

2) Registered Address:

Address

:

Roundabout No. 8, Warehouse No. AB02 Sheikh Zayed Road Jebel Ali Free Zone

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

18037

Phone (s)

:

(971-4) 8830409

Facsimile

:

(971-4) 8839718

Mobile

:

(971-50) 4781933

 

 

(971-55) 1366323

 

 

(971-52) 8922626

 

 

Email

:

me@lightspeed.ae

 

3) Operational Address & Contact Details:

Address

:

Roundabout No. 8, Warehouse No. AB02 Sheikh Zayed Road Jebel Ali Free Zone

Town

:

Dubai

Country

:

United Arab Emirates

PO Box

:

18037

Phone (s)

:

(971-4) 8830409

Facsimile

:

(971-4) 8839718

Mobile

:

(971-50) 4781933

 

 

(971-55) 1366323

 

 

(971-52) 8922626

 

 

Email

:

me@lightspeed.ae

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Branch of a Foreign Registered Corporation (1)

Date of Registration

:

29th May 2003

Trade License Number

:

3202

Expiry Date

:

 

Commercial Registration Number

:

 

Note: (1)

  Subject is the United Arab Emirates registered branch of Kenneth Trade Corp, a Limited
  Liability Company incorporated in the British Virgin Islands.Light Speed Distribution in the United Arab     
  Emirates, operates as a Branch of a ForeignRegistered 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 British Virgin Islands.

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

 

:

76360

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Distributors of of computer equipment, IT products and related accessories.

Number of Employees

:

8

Capital

:

UAE Dh 185,000

Note: (1)

Engaged in the import and distribution of computer equipment, IT products and related accessories.

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

UAE Dh 185,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

UAE Dh 185,000

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

Currency: United States Dollars (US$)

 

Year Ending 31/12/13

Year Ending 31/12/14

Total Sales

US$ 17,265,000

US$ 18,000,000

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

The above figures were provided by Mr John Markov, Finance Manager

 

BANKERS

 

1

Name

Arab Bank Plc

 

Address

Ittihad Street

 

PO Box

11364 Dubai

 

Tel

(971-4) 2228845

 

Fax

(971-4) 2285974

 

 

(971-4) 2940847

 

SENIOR MANAGEMENT

 

Sr.No

Name

Dsignation

1

Vald Rogovoy

Managing Director

2

John Markov

Finance Manager

3

Alexandra Makheran

Sales Manager

4

Ivan Padvosky

Business Development Manager

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Europe

Import

2

Far East

Import

3

United States of America

Import

 

International Suppliers:

 

Sr.No

Name

Country

1

Arsco

Netherlands

 

BRNAD NAMES

 

Sr.No

Name

1

HP

2

CANON

3

MAXTOR

4

SEAGATE

5

WD

6

ASUS

7

GIGABYTE

8

MSI

9

ALPS

10

PALIT

11

SAMSUNG

12

CTX

13

NEC

14

SONY

15

VIEWSONIC

16

PINNACLE MIRO

 

PREMISES

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Person Interviewed   : John Markov, Finance Manager

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.66.52

UK Pound

1

Rs.100.44

Euro

1

Rs.70.44

DH

1

Rs.18.13

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TRU

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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