MIRA INFORM REPORT

 

 

Report Date :

06.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ECCO MIDDLE EAST AS

 

 

Registered Office :

Dubai Airport Free Zone, Office No. 6WB440 PO Box 293878 Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

17.12.2007

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Wholesalers and retailers of footwear.

 

 

No. of Employees :

5

 

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

 

Maximum Credit Limit :

US$ 150,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : ECCO MIDDLE EAST A/S

Country of Origin                                    : Denmark

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 17th December 2007

Trade Licence Number                            : 1402

Chamber Membership Number                : 127160

Total Workforce                                     : 5

Activities                                               : Wholesalers and retailers of footwear.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

ECCO MIDDLE EAST A/S

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Dubai Airport Free Zone, Office No. 6WB440

 

PO Box             : 293878

 

Town                 : Dubai

Country             : United Arab Emirates

 

Telephone         : (971-4) 2993885

Facsimile          : (971-4) 2993886

Email                : zmd@ecco.com / slw@ecco.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Jens Hattab                                                                                      General Manager

 

·       Nimal Prerea                                                                         Commercial Manager

 

·       Ajit Nair                                                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th December 2007

 

Legal Form                  : Subject is the United Arab Emirates registered branch of Ecco Sko A/S, a Limited Liability

  Company incorporated in Denmark.

 

                                      Ecco Middle East A/S in the United Arab Emirates, operates as a Branch of a Foreign

  Registered Corporation with its registered office located at the following address:

 

  Ecco Sko A/S

                                      Bredebro

                                      Denmark

                                      Tel: (45-29) 285958

 

  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 Denmark.

 

Trade Licence No.       : 1402 (Expires 29/09/2012)

 

Chamber Member No. : 127160

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of of footwear.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 5 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

 

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.52.78

UK Pound

1

Rs.82.33

Euro

1

Rs.68.19

 

 

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.