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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ECOCON INDUSTRIES LLC |
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Registered Office : |
Al Ghail Industrial Area, 36408 Ras Al Khaimah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
17.01.2013 |
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Com. Reg. No.: |
43682 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of cellular concrete products |
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No of Employees : |
25 |
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 Business |
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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) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 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 : ECOCON INDUSTRIES LLC
Country of Origin : Ras Al Khaimah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 17th January 2013
Commercial Registration Number : 43682
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Total Workforce : 25
Activities : Manufacturers of cellular concrete products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ECOCON INDUSTRIES
LLC
Location : Al Ghail Industrial Area
PO Box : 36408
Town : Ras Al Khaimah
Country : United Arab Emirates
Telephone : (971-7) 2215221 / (971-4) 4542419
Facsimile : (971-7) 2215221
Mobile : (971-55) 6731439
Email : abdul.r@ecocon.ae
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Ras Al Khaimah.
Name Nationality Position
·
Elina
Anatoli Emirati Managing
Director
·
Avatech
Mntsaktyan Marat Russian Director
·
Valery
Sakhashchik - General
Manager
·
Abdul
Rahman - Administration
Executive
Date of Establishment : 17th
January 2013
Legal Form :
Limited Liability Company -
LLC
Commercial Reg. No. : 43682
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Elina
Anatoli 51%
·
Avatech
Mntsaktyan Marat 49%
·
Ecocon
General Contracting LLC
·
Ecocon
Technologies FZC
Activities: Engaged in the manufacture of cellular
concrete products.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 25 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
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. 60.12 |
|
|
1 |
Rs. 102.00 |
|
Euro |
1 |
Rs. 81.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
DPT |
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.