MIRA INFORM REPORT

Report No. :	345994
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	EICO HEAVY EQUIPMENT LLC
Registered Office :	Al Qusais, P O Box: 126403, Dubai
Country :	United Arab Emirates
Date of Incorporation :	13.05.2014
Com. Reg. No.:	1136791, Dubai
Legal Form :	Limited Liability Company – LLC
Line of Business :	Distributors of industrial equipment and heavy machinery, refrigeration and cold storage equipment, power generation and transmission equipment, pumps, engines, valves and related spare parts.
No. of Employees :	4

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
--	NB	New Business	--

Status :	New Business
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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	EICO HEAVY EQUIPMENT LLC
2) Registered Address:
Address		:	Al Qusais
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	126403 Dubai
Phone (s)		:	(971-4) 2723408
Facsimile		:	(971-4) 2725213
3) Operational Address & Contact Details:
Address		:	Al Qusais
Town		:	Dubai
Country		:	United Arab Emirates
PO Box		:	126403 Dubai
Phone (s)		:	(971-4) 2723408
Facsimile		:	(971-4) 2725213
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Limited Liability Company – LLC
Date of Registration		:	13th May 2014
Trade License Number		:	709744
Expiry Date		:	05/10/2016
Commercial Registration Number		:	1136791, Dubai
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number		:	234607
KEY FACTS
Operational Status		:	Normal
Financial Condition		:	Undetermined
Primary Business Activity		:	Distributors of industrial equipment and heavy machinery, refrigeration and cold storage equipment, power generation and transmission equipment, pumps, engines, valves and related spare parts.
Number of Employees		:	4
Capital		:	UAE Dh 300,000
CAPITAL DETAILS
Issued Capital:
NO OF SHARES			VALUE OF SHARE		AMOUNT
N/A			N/A		UAE Dh 300,000
Paid Up Capital:
NO OF SHARES					AMOUNT
N/A			N/A		UAE Dh 300,000
FINANCIAL DATA
Subject is a newly formed business and as a result financial information is not currently available.
BANKER
1	Name			Commercial Bank of Dubai
	Address			Baniyas Street Deira
	PO Box			1709 Dubai
	Tel			(971-4) 2227121
				(971-4) 2253222
	Fax			(971-4) 2220943
				(971-4) 2254565
SHAREHOLDERS
Sr.No	Name of Shareholders				Nationality	Percentage
1	Abdulla Ali Asghar Abdulla Alabdulla				Emirati	51%
2	Saeed Anam Alzaman Saeed Ahmed Zaman				Pakistani	49%
Total Share						100%
SENIOR MANAGEMENT
Sr.No	Name			Nationality	Dsignation
1	Saeed Anam Alzaman Saeed Ahmed Zaman			Pakistani	Managing Director
2	Abdullah Ali Asghar Abdullah Alabdulla			Emirati	Director
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr. No	Country			Activity
1	Europe			Import
2	Far East			Import
PREMISES
Subject operates from a small suite of offices that are rented and located in the Industrial Area of Dubai.
PAYMENT
Unknown
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
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.64.82
UK Pound	1	Rs.100.12
Euro	1	Rs.73.75

INFORMATION DETAILS

Analysis Done by :	DIV
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
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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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