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Report No. : |
355810 |
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Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Plot No. BP-02, Sheikh Zayed Road, Jebel Ali Free Zone South 1, P O Box: 17263, 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 : |
15.09.1997 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Import and distribution
of computer equipment requisites and software also providers of IT solutions.
Subject specialises in point of sales solutions for the following sectors:
restaurants, hotels, spas and retail. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name : PARTECH
INC
Country of Origin : United
States of America
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date : 15th
September 1997
Trade Licence
Number : 1750
Chamber Membership
Number : 103788
Total Workforce :
5
Activities :
Distribution of computer equipment requisites and software
also provision of IT solutions.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed
Ansari, Technical Engineer
PARTECH INC
Building : Plot No. BP-02
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone South 1
PO Box : 17263
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860601
Facsimile : (971-4) 8860607
Email : abdul_haneef@partech.com / Mohamed_ansari@partech.com
Subject operates from
a small suite of offices that are rented and located in the Jebel Ali Free Zone
Area of Dubai.
Name Position
·
Mohamed
Najam Eddine General
Manager
·
Mohamed
Rawashdeh Commercial
Manager
·
Abdul
Haneef Operations
Manager
·
Mohamed
Farahat Sales
Manager
·
Mohamed
Ansari Technical
Engineer
Date of Establishment : 15th
September 1997
Legal Form :
Subject is the United Arab
Emirates registered branch of Partech Corporation, a
Limited Liability Company incorporated in United States of America.
Par Tech Inc in the United Arab
Emirates, operates as a Branch of a Foreign Registered
Corporation with its
registered office located at the following address:
Partech Corporation
8383
Senca
Turnpike
NY 13413
United States of America
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 United States of America.
Trade Licence No. : 1750
(Expires 18/01/2016)
Chamber Member No. : 103788
Activities: Engaged in the import and distribution of
computer equipment requisites and software also providers of IT solutions.
Subject specialises in point of sales solutions for the following sectors:
restaurants, hotels, spas and retail.
Import
Countries: Europe and the
Far East.
Clients:
·
McDonalds Dubai
·
Subway Dubai
·
Carrefour Dubai
Operating Trend: Steady
Subject has a
workforce of 5 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 19,400,000 UAE Dh 19,915,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
Tel: (971-4) 2520455
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
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Indian Rupees |
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US Dollar |
1 |
Rs.66.32 |
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|
1 |
Rs.98.99 |
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Euro |
1 |
Rs.72.13 |
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UAE Dh |
1 |
Rs.18.05 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.