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Report No. : |
308653 |
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Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
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Name : |
KONSEPT
INTERNATIONAL TRADING ENTERPRISE FZC |
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|
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Registered Office : |
Saif Zone, Q1-07, Room 1/C 122947 Sharjah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
30.05.2010 |
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Legal Form : |
Free Zone Company
- FZC |
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Line of Business : |
Engaged in the import
and distribution of perfumes and beauty products. |
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No. of Employee : |
2 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 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 : KONSEPT
INTERNATIONAL TRADING ENTERPRISE FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 30th
May 2010
Trade Licence
Number : 8201
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce : 2
Activities :
Distributors of perfumes and beauty products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
KONSEPT INTERNATIONAL TRADING ENTERPRISE FZC
Location : Saif Zone, Q1-07, Room 1/C
PO Box : 122947
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5578952
Facsimile : (971-6) 5578953
Mobile : (971-55) 1013491
Email : kitesfzc@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Saif Zone Area of Sharjah.
Name Position
·
Maksood
Yousef Merchant Managing
Director
·
Mohamed
Maksood Merchant Director
Date of Establishment : 30th
May 2010
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 8201
(Expires 29/05/2015)
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
·
Maksood
Yousef Merchant
·
Mohamed
Maksood Merchant
Activities: Engaged in the import and distribution of
perfumes and beauty products.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 2 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year Ending
31/12/13: Year Ending
31/12/14:
Total Sales UAE Dh 7,350,000 UAE Dh 7,825,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Standard
Chartered Bank
Al Boorj Avenue
PO Box: 5
Sharjah
Tel: (971-6) 5357788
Fax: (971-6) 5543604
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ANK |
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 |
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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 |
|
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 |
|
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 |
|
<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.