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Report No. : |
307653 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Office No. Q01-08-103/B, Saif Zone, 123148 Sharjah |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
20.02.2011 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the provision of management consultancy and company formation services |
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No of Employees : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company Name : ABC INTERNATIONAL FZE
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 20th February 2011
Trade Licence Number : 09057
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 2
Activities : Providers of management consultancy and company formation
services.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Sourab Khosla , Managing Director
ABC INTERNATIONAL
FZE
Building : Office No.
Q01-08-103/B
Area : Saif Zone
PO Box : 123148
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5586369
Facsimile : (971-6) 5586369
Mobile : (971-55) 3912583 / (971-50)
2084825 / 7687781
Email : info@abcinternationalfze.com
/ sourabkhosla@ymail.com / abcinternationalfze@gmail.com
Please note that subject’s
previous address was, Building No. NE4-07, Saif Zone, PO Box 120614, Sharjah.
Subject operates
from a small suite of offices that are rented and located in the Saif Zone Area
of Sharjah.
Name Nationality Position
·
Sourab
Khosla Indian Managing Director
·
Kamal Kumar - General
Manager
Date of Establishment : 20th
February 2011
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 09057
(Expires 03/05/2015)
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
·
Sourab
Khosla 100%
Activities: Engaged in the provision of management consultancy and company formation
services. Subject will revert back to the import and distribution of mobile and
communication products, readymade garments and carpets on renewal of its trade licence
number on 3rd May 2015.
Import
Countries: Europe and the
Far East.
International Suppliers:
· Radha Electronics
(P) Ltd India
· Variety International United Kingdom
Subject has a
workforce of 2 employees.
Companies
registered in Sharjah, 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.
·
Barclays
Bank Plc
Building No. 6, Ground Floor
Emaar Square
Downtown Mall
Sheikh Zayed Road
PO Box: 1891
Sharjah
Acc No. 1844664 (UAE Dh) /
1844671 (US$)
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.20 |
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|
1 |
Rs. 95.99 |
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Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
DPT |
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 |
-- |
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.