MIRA INFORM REPORT

 

 

Report No. :

337644

Report Date :

25.08.2015

 

IDENTIFICATION DETAILS

 

Name :

INCO INTERNATIONAL FZC

 

 

Registered Office :

Junction 12, Jebel Ali Free Zone, PO Box 16971, Dubai

 

 

Country :

United Arab Emirates

 

 

Date of Incorporation :

10.02.2003

 

 

Legal Form :

Free Zone Company

 

 

Line of Business :

Engaged as General Construction and Maintenance Contractors.

 

 

No. of Employees :

30

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

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. 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, 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-emirate government that was refinanced in March 2014. 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 economic diversification and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

SUMMARY

 

Company Name                                    : INCO INTERNATIONAL FZC

Also Known As                                     : INCO GROUP OF COMPANIES

Country of Origin                                   : Dubai, United Arab Emirates

Legal Form                                           : Free Zone Company - FZC

Registration Date                                  : 10th February 2003

Trade Licence Number                           : 3767

Issued Capital                                       : UAE Dh 500,000

Paid up Capital                                     : UAE Dh 500,000

Total Workforce                         : 30

Activities                                               : General construction and maintenance contractors.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Herlad Poshia, Business Officer

 

 

 

COMPANY NAME

 

INCO INTERNATIONAL FZC

 

 

ALSO KNOWN AS

 

INCO GROUP OF COMPANIES

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Junction 12, Jebel Ali Free Zone

PO Box                        : 16971

Town                : Dubai

Country : United Arab Emirates

Telephone         : (971-4) 8702600 / 8702699 / 8832182

Facsimile          : (971-4) 8832171

Email                : dubai@inco.com.tr

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Jebel Ali Free Zone Area of Dubai.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdo Karadag                                                                          Managing Director

 

Srikan Yankit                                                                             General Manager

 

Herlad Poshia                                                                           Business Officer          

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th February 2003

 

Legal Form                  : Free Zone Company - FZC

 

Trade Licence No.        : 3767 (Expires 09/02/2016)

 

Issued Capital              : UAE Dh 500,000

 

Paid up Capital            : UAE Dh 500,000

 

Name of Shareholder (s)

 

Abdo Karadag

 

Local businessmen and private investors

 

 

AFFILIATED COMPANIES

 

Inco Contracting LLC

Dubai

 

Inco International

Abu Dhabi

 

Inco Engineering LLC

Oman

 

 

OPERATIONS

 

Activities: Engaged as general construction and maintenance contractors.

 

Subject has a workforce of 30 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

 

Commercial Bank of Dubai

Baniyas Street

Deira

PO Box: 1709

Dubai

Tel: (971-4) 2227121 / 2253222

Fax: (971-4) 2220943 / 2254565

 

 

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.66.51

UK Pound

1

Rs.104.00

Euro

1

Rs.76.27

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TPT

 

               

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.