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Report No. : |
351136 |
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Report Date : |
25.11.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERCONNECT SOLUTIONS LIMITED |
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Registered Office : |
Q4-136, Saif Zone, PO Box 9508, Sharjah |
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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 : |
01.06.2005 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Engaged in the import and distribution of communication and
telecommunication products, mobiles, cables, antennas, optical products and
related accessories. |
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No. of Employees : |
10 |
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 – 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 |
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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.
|
Source
: CIA |
Company Name : INTERCONNECT SOLUTIONS LIMITED
Country of Origin :
British Virgin Islands
Legal Form :
Branch of a Foreign Registered Corporation
Registration Date :
1st June 2005
Trade Licence Number :
03019
Total Workforce :
10
Activities :
Distributors of communication and telecommunication products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Faisal Mahmoud, Finance Manager
INTERCONNECT SOLUTIONS LIMITED
Registered &
Physical Address
Location : Q4-136, Saif
Zone
PO Box :
9508
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5579960
/ 5573816
Facsimile : (971-6)
5579961 / 5573817
Email : mir.talpur@i-sol.co.uk
/ uae@i-sol.co.uk
Premises
Subject operates from a small suite of offices that are rented and
located in the Saif Zone Area of Sharjah.
Name Position
Khan Ayas Khan Managing
Director
Faisal Mahmoud Finance
Manager
Adel Naeem Business
Development Manager
Ali Jahangeer Commercial
Manager
Date of Establishment : 1st
June 2005
Legal Form : Subject is the
United Arab Emirates registered branch of Interconnect Solution Ltd, a Limited
Liability Company incorporated in the British Virgin Islands.
Interconnect Solution Ltd in the United Arab Emirates, operates as a Branch
of a Foreign Registered 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.
Trade Licence No. : 03019 (Expires
14/02/2016)
Euromoto Middle East FZE
Saif Zone
PO Box: 9508
Sharjah
Tel: (971-6) 5573816 / 5579960
Fax: (971-6) 5579961
Activities: Engaged in the import and distribution of communication and
telecommunication products, mobiles, cables, antennas, optical products and
related accessories.
Import Countries: Europe and the Far East.
Clients:
Etisalat
Huawei
Brand Names: I-CONNECT, I-FLEX
and I-POWER
Operating Trend: Steady
Subject has a workforce of 10 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 16,850,000 UAE Dh
18,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Faisal Mahmoud, Finance Manager
HSBC Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
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.66.38 |
|
|
1 |
Rs.100.45 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
TPT |
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.