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Report No. : |
333714 |
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Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
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Name : |
FOSCOTE LIMITED |
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Registered Office : |
Rak Free Zone, Ras Al Khaimah
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Country : |
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Date of Incorporation : |
01.02.2015 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject holds a
general trade licence, enabling it to distribute
general merchandise. |
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No. of Employees : |
3 |
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, 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 |
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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 |
|
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, 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 diversification and creating more opportunities for
nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name : FOSCOTE LIMITED
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date : 1st
February 2015
Trade Licence Number :
IC 20150285, RAK Free Zone
Issued Capital : UAE Dh
50,000
Paid up Capital : UAE Dh
50,000
Total Workforce : 3
Activities :
General trade licence.
Financial Condition : Undetermined
Payments :
Unknown
FOSCOTE LIMITED
Town : Ras
Al Khaimah
Country : United Arab Emirates
Location : Unit No. AG-29-H, AG Tower, Plot
No. JLT PH1-1A, Jumeirah Lakes Towers
PO Box : 392447
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 4239081
Facsimile : (971-4) 4239081
Email : viktoria@wsc.ae
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Position
·
Olivera Smilgkovich Managing
Director
·
Ms Viktoria Administration
Executive
Date of Establishment : 1st
February 2015
Legal Form :
Limited Liability Company
Trade Licence No. : IC 20150285, RAK Free Zone
Issued Capital : UAE Dh 50,000
Paid up Capital : UAE Dh 50,000
·
Olivera Smilgkovich
Activities: Subject holds a general trade licence, enabling it to distribute general merchandise.
Subject has a
workforce of 3 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
Commercial
Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4) 2227121 / 2253222
Fax: (971-4) 2220943 / 2254565
Unknown
Please note that we
were unable to contact the subject directly during our investigation.
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.63.89 |
|
|
1 |
Rs.99.71 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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|
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Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.