|
|
|
MIRA INFORM REPORT
|
Report No. : |
498007 |
|
Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
TECH ACCESS FZ LLC |
|
|
|
|
Registered Office : |
Dubai Internet City, Building No. 1, Office G01-G03 PO Box
500177 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Date of Incorporation : |
18.04.2000 |
|
|
|
|
Legal Form : |
Branch of a Foreign Registered Corporation |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of computer
software and data processing requisites, including servers and
infrastructure, storage, security, virtualization and consolidation, data
archiving, business continuity, data backup and disaster recovery products. |
|
|
|
|
No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Branch of a Foreign Registered Corporation |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
SUMMARY
Company Name : TECH ACCESS FZ LLC
Country of Origin : British Virgin Islands
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 18th April 2000
Trade Licence Number : 19116
Chamber Membership Number : 62524
Issued Capital : UAE Dh 552,000
Paid up Capital : UAE Dh 552,000
Total Workforce : 35
Activities : Distributors of computer software and data processing requisites
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Zunnoon Farooqui, Office Manager
COMPANY
NAME
TECH ACCESS FZ LLC
ADDRESS
Registered &
Physical Address
Location :
Dubai Internet City, Building No. 1, Office G01-G03
PO Box :
500177
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 3911820
Facsimile :
(971-4) 3918875
Mobile :
(971-55) 2236499
Email : info@techaccess.com
/ zunnoon.farooqui@techacess.com
Premises
Subject operates from a medium sized suite of offices that
are rented and located in the Central Business Area of Dubai.
KEY
PRINCIPALS
Name Nationality Position
· Mohamed
Shomail Ghalib British Managing Director
· Zunnoon Farooqui - Office
Manager
· Ihsan
Ali - Sales
Manager
· Mohamed
Khalil - Financial
Controller
LEGAL
FORM & OWNERS
Date
of Establishment : 18th
April 2000
Legal
Form : Subject
is the United Arab Emirates registered branch of Tech Access Limited, a
Limited
Liability Company incorporated in the British Virgin Islands.
Tech Access FZ LLC in the United Arab Emirates, operates as a Branch
of a Foreign
Registered Corporation.
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. : 19116
Chamber
Member No. : 62524
Issued Capital : UAE
Dh 552,000
Paid up Capital :
UAE Dh 552,000
AFFILIATED
COMPANIES
· Axent
Tech FZ LLC
Dubai Internet City, Building
No. 1, Office G01-G03
PO Box:
500177
Dubai
Tel:
(971-4) 3911820
Fax:
(971-4) 3918875
· Tech Access
Asia FZ LLC
Dubai Internet City, Building
No. 1, Office G01-G03
PO Box:
500177
Dubai
Tel:
(971-4) 3911820
Fax: (971-4) 3918875
OPERATIONS
Activities: Engaged in the import and distribution
of computer software and data processing requisites, including
servers and infrastructure, storage, security, virtualization and
consolidation, data archiving, business
continuity, data backup and disaster
recovery products.
Subject holds the
distributorship for Oracle, Hitachi Data Systems, Extreme Networks, NetScout,
Unify and iVEDiX in the MENA region.
Import Countries: Europe, the Far East and the
United States of America
International Suppliers:
· Oracle
· Hitachi
· Net Scout
· Informatica
· Fujitsu
· Unify
Subject has a workforce of 35 employees.
FINANCIAL
DATA
Companies registered in Dubai, United Arab Emirates are not
legally required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
BANKERS
·
Standard Chartered Bank
Khalid
Bin Waleed Street
PO
Box: 999
Dubai
Tel:
(971-4) 2520455
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 |
INR 64.87 |
|
|
1 |
INR 90.49 |
|
Euro |
1 |
INR 79.91 |
|
UAE DH |
1 |
INR 17.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.