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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ECCO MIDDLE EAST AS |
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|
|
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Registered Office : |
Dubai Airport Free Zone, Office No. 6WB440 PO Box 293878 Dubai |
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|
|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.12.2007 |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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|
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Line of Business : |
Wholesalers and retailers of footwear. |
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No. of Employees : |
12 |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - 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 UAE 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. The economy is expected to continue a slow rebound. 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
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 : 12
Activities : Wholesalers and retailers of footwear.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Nimal Prerea, Commercial Manager
ECCO MIDDLE EAST A/S
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
/ ajn@ecco.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Dubai Airport Free Zone.
Name Position
· Allan Rosenberg General
Manager
· Nimal Prerea Commercial
Manager
· Ajit Nair Finance
Manager
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 29/09/2013)
Chamber Member No. : 127160
Activities: Engaged in the wholesale and retail of of footwear.
Import Countries: Europe and the Far East.
Brand Names: ECCO
Subject has a workforce of 12 employees.
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.
·
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.37 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.