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MIRA INFORM REPORT
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Report No. : |
484174 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ENCORE
INTERNATIONAL FZE |
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Registered Office : |
Flexi Desk, RAK
Free Zone, P O Box: 41162, Ras Al Khaimah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
24.04.2017 |
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Com. Reg. No.: |
4019814 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Import and distribution
of paper, plastic, nylon raw materials and paper products. |
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No. of Employees : |
2 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
Company Name : ENCORE
INTERNATIONAL FZE
Country of Origin : Ras Al
Khaimah, United Arab Emirates
Legal Form :
Free Zone Establishment - FZE
Registration Date : 24th
April 2017
Commercial
Registration Number : 4019814
Trade Licence
Number : 5014316
Issued Capital : UAE Dh
1,000
Paid up Capital : UAE Dh
1,000
Total Workforce :
2
Activities :
Distributors of paper, plastic, nylon raw materials and paper products
Financial Condition : Undetermined
Payments :
Unknown
COMPANY
NAME
ENCORE
INTERNATIONAL FZE
ADDRESS
Registered & Physical
Address
Location : Flexi Desk, RAK Free Zone
PO Box : 41162
Town : Ras Al Khaimah
Country : United Arab Emirates
Premises
Subject operates from
a small suite of offices that are rented and located in the Ras Al Khaimah Free
Zone Area.
Branch Office
(s)
Location Description
·
Rames
Hotel Building, Office No. 9 Office
premises
Murshid Bazaar
Deira
PO Box: 1294
Dubai
KEY
PRINCIPALS
Name Nationality ID Number Position
·
Hiten
Kantilal Shah Indian 784-1964-7209286-3 Managing Director
·
Jash
Hiten Shah Indian - General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 24th
April 2017
Legal Form :
Free Zone Establishment -
FZE
Commercial
Reg. No. : 4019814
Trade Licence No. : 5014316
(Expires 23/04/2019)
Issued Capital : UAE Dh 1,000
Paid up Capital : UAE Dh 1,000
Name of Shareholder (s) Percentage
·
Hiten
Kantilal Shah 100%
OPERATIONS
Activities: Engaged in the import and distribution of
paper, plastic, nylon raw materials and paper products.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 2 employees.
FINANCIAL
DATA
Subject is a newly formed
business and as a result financial information is not currently available.
BANKERS
·
National
Bank of Ras Al Khaimah
Deira Souq Branch
Dubai
Iban No. AE21 0400 0002 5257 6351 001
PAYMENT
HISTORY
Unknown
GENERAL
COMMENTS
Please note that we
were unable to contact the subject directly during our investigation as we were
unable to obtain a telephone number for the subject.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.35 |
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1 |
INR 85.89 |
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Euro |
1 |
INR 76.15 |
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UAE DH |
1 |
INR 17.29 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.