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Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
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Name : |
COSMOS TRADE INTERNATIONAL FZE |
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|
|
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Registered Office : |
Saif Zone, P O
Box 122133, Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
09.09.2013 |
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Legal Form : |
Free Zone Establishment |
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Line of Business : |
importer and distributor of frozen food products such
as halal buffalo meat, beef and poultry, spices, timber logs, footwear, toys,
readymade garments and household items. |
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No. of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 |
Company Name : COSMOS TRADE INTERNATIONAL FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 9th September 2013
Trade Licence Number : 12487
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Total Workforce : 1
Activities : Distributors of frozen food products, timber logs, footwear, toys,
readymade garments and household items
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Salman Haji Mohamed Latif, Managing Director
COSMOS TRADE
INTERNATIONAL FZE
Registered &
Physical Address
Location : Saif Zone
PO Box : 122133
Town : Sharjah
Country : United Arab Emirates
Mobile : (971-55) 3252847
Email : uae@cosmostradeintl.com / cosmostradeintl@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Saif Zone Area
of Sharjah.
Name Position
·
Salman
Haji Mohamed Latif Managing
Director
Date of Establishment : 9th
September 2013
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 12487
(Expires 08/09/2014)
Issued Capital : UAE Dh 400,000
Paid up Capital : UAE Dh 400,000
Name of Shareholder
(s) Percentage
·
Salman
Haji Mohamed Latif 100%
Activities: Engaged in the import and distribution of
frozen food products such as halal buffalo meat, beef and
poultry, spices, timber logs, footwear, toys, readymade garments and
household items.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 1 employee.
Subject is a newly formed business and as a result financial information
is not currently available.
·
Abu
Dhabi Commercial Bank
Mina Road
PO Box: 4377
Sharjah
Tel: (971-6) 5737000
Fax: (971-6) 5725331
No complaints
regarding subject’s payments have been reported.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.