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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516092

Report Date :

25.06.2018

 

IDENTIFICATION DETAILS

 

Name :

EKO INTERNATIONAL TRADING LLC

 

 

Registered Office :

Property owned by Gargash Enterprises, Office 204, Bur Dubai, PO Box: 44452, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2017

 

 

Date of Incorporation :

15.03.2012

 

 

Com. Reg. No.:

667257

 

 

Legal Form :

Limited Liability Company 

 

 

Line of Business :

Agents involved in the sale of textiles, clothing, fur, footwear and leather goods.

 

 

No. of Employees :

3

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

United Arab Emirates

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. 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.

 

Source : CIA

BRIEF SUMMARY 

 

COMPANY NAME

EKO INTERNATIONAL TRADING LLC

 

ADDRESS

Building

Street

Area

PO Box

Commercial Bldg, 1st Floor

Al Souk Al Kabeer Street

Deira, Al Rigga

44452

Dubai

TEL/FAX 

Verified Phones: (+971 4) 251 8415 / Fax: (+971 4) 251 8414

ACTIVITY

NACE 4616 - Agents involved in the sale of textiles, clothing, fur, footwear and leather goods; 

PRINCIPAL 

Milan Sehgal   

Workforce 

Managing Director 

3  

LEGAL INFO 

 

Date Of Est.

Reg. No.

Legal Form

Status

15/03/2012

667257

LLC

Active

CAPITAL

CURRENCY

AMOUNT

AED 

300,000  

 

 

IDENTIFICATION

 

CO. NAME

EKO INTERNATIONAL TRADING LLC

ENQUIRED NAME

FKO International Trading LLC

BUILDING

Commercial Bldg, 1st Floor

STREET

Al Souk Al Kabeer Street

AREA

Deira, Al Rigga

POSTAL ADDRESS

44452 Dubai

CITY

Dubai

COUNTRY

United Arab Emirates

TELEPHONE

(+971 4) 251 8415 / (+971 55) 948 3231 (Milan Sehgal)  

FAX

(+971 4) 251 8414

BUSINESS HOURS

DAYS

OFFICE HOURS

BREAK TIME

Sun-Thu

09:30-20:00

13:00-15:00

REGISTERED ADDRESS

Property owned by Gargash Enterprises, Office 204, Bur Dubai

PO Box: 44452

Dubai

United Arab Emirates 

 

 

SENIOR PERSONNEL

 

MANAGEMENT

NAME

POSITION

Milan Sehgal

Managing Director 

 

Amit Sharma

 

Sales Manager

WORKFORCE

NO. OF EMPLOYEES

PERIOD

3

06.2018

 

 

FINANCIAL SUMMARY

 

NOTES    

Private companies in UAE are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover : USD 400,000 – 2017 (approx)

 

Net Profit     : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS 

 

INCORPORATION

15/03/2012

REGISTRATION NO.       

C.R. NUMBER

ISSUED BY 

Trade License No.: 667257 (expiry date: 14/03/2019)

Dubai Department of Economic Development

OTHER REGISTRATION NO.     

Registration No.: 1091905 / Federal Reservation No.: 10879736

AUTHORISED CAPITAL     

AMOUNT

CURRENCY

300,000

AED

PAID-UP CAPITAL  

AMOUNT

CURRENCY 

300,000

AED

BUSINESS HISTORY

The Company was incorporated in Dubai on 15 March 2012. 

LEGAL FORM     

Limited Liability Company 

STATUS

Active

SHAREHOLDERS  

NAME  

PERCENTAGE

1. Milan Sehgal

   Nationality: Indian

 

2. Mr. Abdulrazak *

   Nationality: Emirati

 

* The local sponsor, according to UAE laws must hold a minimum of 51% of the capital, however, in practice and unofficially the sponsor gets a fixed annual percentage of the profit and a sponsorship fee without any investment in the company.

49.00%

 

 

51.00%   

 

 

 

OPERATION 

 

BANKERS   

Subject declined to name its bankers details.  

ACTIVITY CODE (NACE)    

4616 - Agents involved in the sale of textiles, clothing, fur, footwear and leather goods; 

LINE OF BUSINESS    

Trading as importers, re-exporters and wholesalers of textile products as well as baby clothing items. 

IMPORT FROM  

India.

EXPORT TO 

African countries. 

FACILITIES

Leased premises comprising administrative offices located at the heading address. 

 

 

SPECIAL REMARKS 

 

INTERVIEWED   

Amit Sharma (Sales Manager) & Milan Sehgal (Managing Director).

COMMENTS     

The name which you provided: FKO International Trading LLC is incorrect. Please note that subject’s correct registered name is as per heading.  

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.77

UK Pound

1

INR 89.96

Euro

1

INR 78.86

UAE Dh

1

INR 18.55

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VAR

 

 

Report Prepared by :

SDA

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.