MIRA INFORM REPORT

 

 

Report No. :

301376

Report Date :

06.01.2015

 

IDENTIFICATION DETAILS

 

Name :

FDC INTERNATIONAL FZE

 

 

Registered Office :

Sheikh Zayed Road, Roundabout No. 8 Jebel Ali Free Zone, Plot No. S60511 - South Zone 6 17543 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

10.05.1999

 

 

Legal Form :

Free Zone Establishment – FZE

 

 

Line of Business :

Import and Distribution of Computer and Data Processing Equipment and  Computer Software

 

 

No. of Employee :

150

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

SUMMARY

 

Company Name                                                : FDC INTERNATIONAL FZE

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Free Zone Establishment – FZE

Start Date                                             : 1989

Registration Date                                  : 10th May 1999

Trade Licence Number                           : 2132

Chamber Membership Number               : 54323

Issued Capital                                       : UAE Dh 1,000,000

Paid up Capital                                     : UAE Dh 1,000,000

Total Workforce                                     : 150

Activities                                               : Import and distribution of computer and data processing equipment and

                                                              computer software.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Paravin Shrinivasan, Administration Manager

 

 

COMPANY NAME

 

FDC INTERNATIONAL FZE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sheikh Zayed Road, Roundabout No. 8

Area                 : Jebel Ali Free Zone, Plot No. S60511 - South Zone 6

 

PO Box                        : 17543

 

Town                : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 8703333

Facsimile          : (971-4) 8703330

Email                : fsafe@emirates.net.ae / safe@fdchq.com / farbood@fdchq.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Fujairah Building, 5th Floor                                                                 Rented office premises

Khalid Bin Walid Road

Dubai

Tel: (971-4) 3978035 / 3938096 / 3931711

Fax: (971-4) 3978034 / 3938097

Email: info@fdcinternational.com

 

Subject also has branch offices in the Netherlands, Taiwan Egypt, Saudi Arabia, Jordan, Turkey, Lebanon, Kazakhstan and Uzbekistan.

 

 

KEY PRINCIPALS

 

 

     Name                                                           Nationality                    Position

 

·       Dr Farahbakhsh Saif                                     Iranian                           Managing Director

 

·       Farbood Farahbaksh Saif                                   -                              Vice President

 

·       Saeed Amin                                                      -                              Technical Manager

 

·       K G Vincent                                                       -                              Finance Manager

 

·       K Girish                                                             -                              Sales Manager

 

·       S Rama                                                             -                              Operations Manager

 

·       Paravin Shrinivasan                                           -                              Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1989, however it was registered on 10th May 1999.

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.        : 2132 (Expires 10/05/2017)

 

Chamber Member No.  : 54323

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                     Percentage

 

·       Dr Farahbakhsh Saif                                                     100%

 

 

AFFILIATED COMPANIES

 

·       FDC Gulf Electronics LLC

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of computer and data processing equipment and computer

software, including notebooks, tablets, hard drives, motherboards, graphic cards, optical storage drive, digital storage, networking products, security software and memory solutions.

 

Import Countries: Japan, United States of America and Europe

 

Brand Names: SEAGATE, MAXTOR, WESTERN DIGITAL, XFX, XPERTVISION, INTEL, LENOVO, ACER,

OPTIARC of SONY-NEC, LITEON, ELITE (ECS), ABIT, ASUS, ASROCK, KINGSTON, NVIDIA, SHUTTLE, SONY, PCX and APACER.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Revenue                           UAE Dh 82,150,000                   UAE Dh 84,600,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank Saderat Iran

Al Maktoum Street

PO Box: 4182

Dubai

Tel: (971-4) 2221161

Fax: (971-4) 2234460

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.39

UK Pound

1

Rs.96.84

Euro

1

Rs.75.67

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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