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Report No. : |
352151 |
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Report Date : |
02.12.2015 |
IDENTIFICATION DETAILS
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Name : |
EXQUISITE MIDDLE EAST FZC |
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Registered Office : |
Hamriyah Free Zone, PO Box 50681, Sharjah |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.09.2012 |
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Legal Form : |
Free Zone Company – FZC |
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Line of Business : |
Engaged in the import and distribution of textiles, raw materials, minerals, plastics and used oil. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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United Arab Emirates |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company
name
EXQUISITE MIDDLE EAST FZC |
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ORDER
DETAILS
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Business/ Subject Name |
: |
EXQUISITE MIDDLE EAST FZC |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
50681 Sharjah, Hamreya Free Zone UAE |
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Phone (s) |
: |
06 5314515 |
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Fax |
: |
06 5314717 |
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IDENTIFICATION
& CONTACT DETAILS
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1) Name (s): |
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Organization Official Name |
: |
EXQUISITE MIDDLE EAST FZC |
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2) Registered
Address: |
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Address |
: |
Hamriyah Free Zone |
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Town |
: |
Sharjah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
50681 |
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Phone (s) |
: |
(971-6) 5314515 |
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Facsimile |
: |
(971-6) 5314717 |
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Mobile |
: |
(971-50) 4960380 |
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Email |
: |
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3) Operational
Address & Contact Details: |
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Address |
: |
Hamriyah Free Zone |
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Town |
: |
Sharjah |
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Country |
: |
United Arab Emirates |
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PO Box |
: |
50681 |
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Phone (s) |
: |
(971-6) 5314515 |
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Facsimile |
: |
(971-6) 5314717 |
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Mobile |
: |
(971-50) 4960380 |
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Email |
: |
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LEGAL
FORM & INCORPORATION (REGISTRATION) DETAILS
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Legal Form - Category |
: |
Free Zone Company - FZC |
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Date of Registration |
: |
1st September 2012 |
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Trade License Number |
: |
9126 |
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Expiry Date |
: |
09-02-16 |
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KEY
FACTS
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Operational Status |
: |
Steady |
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Financial Condition |
: |
Fair |
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Primary Business Activity |
: |
Distributors of textiles, raw materials,
minerals, plastics and used oil. |
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Number of Employees |
: |
5 |
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Capital |
: |
UAE Dh 185,000 |
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Note: |
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Engaged in the import and distribution of
textiles, raw materials, minerals, plastics and used oil. |
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CAPITAL
DETAILS
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Issued Capital: |
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NO OF SHARES |
VALUE OF SHARE |
AMOUNT |
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N/A |
N/A |
UAE Dh 185,000 |
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Paid Up Capital: |
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NO OF SHARES |
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AMOUNT |
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N/A |
N/A |
UAE Dh 185,000 |
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FINANCIAL
DATA
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Financial highlights provided by local
sources are given below: |
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Currency: United Arab Emirates Dirham (UAE
Dh) |
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Year Ending
31/12/13 |
Year Ending
31/12/14 |
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Total Sales |
UAE Dh 15,270,000 |
UAE Dh 16,000,000 |
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Local sources consider subject’s financial
condition to be Fair. |
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The above figures were provided by Mr Syed
Ali Saquib, Sales Manager |
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BANKERS
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1 |
Name |
Ras Al Khaimah Bank |
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Address |
King Faisal Road Sharjah |
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Tel |
(971-6) 5746888 |
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SHAREHOLDERS
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Sr.No |
Name |
Nationality |
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1 |
Ziad Tahseen |
Dutch |
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2 |
Thana Batoul Zadi |
Pakistani |
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SENIOR
MANAGEMENT
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Sr.No |
Name |
Nationality |
Dsignation |
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1 |
Ziad Tahseen |
Dutch |
Managing Director |
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2 |
Thana Batoul Zadi |
Pakistani |
Director |
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3 |
Syed Ali Saquib |
n/a |
Sales Manager |
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INTERNATIONAL
TRADE ACTIVITY MARKETS
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Sr.No |
Country |
Activity |
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1 |
Europe |
Import |
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2 |
India |
Import |
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3 |
Far East |
Import |
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Suppliers: |
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Sr.No |
Name |
Country/City |
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1 |
Emirate
Environmental Co LLC |
Al Ain |
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2 |
Henkel Polybit |
Umm Al Quwain |
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Clients: |
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Sr.No |
Name |
Country |
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1 |
A R Plastic |
Pakistan |
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PREMISES
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Subject operates from a small suite of
offices that are rented and located in the Hamriyah Free Zone Area of Sharjah. |
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PAYMENT
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No complaints regarding subject’s payments
have been reported. |
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ADVERSE
DATA
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Performance Defaults |
: |
No record found |
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Payment Defaults |
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No record found |
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Adverse Press Coverage |
: |
No record found |
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Litigations |
: |
No record found |
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Former Business Relationships |
: |
No record found |
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INVESTIGATOR'S
COMMENTS
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Person
Interviewed : Syed Ali Saquib, Sales
Manager |
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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. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.52 |
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1 |
Rs.100.44 |
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Euro |
1 |
Rs.70.44 |
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UAE Dirham |
1 |
Rs.18.13 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.