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MIRA INFORM REPORT
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Report No. : |
507077 |
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Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ECORE MIDDLE EAST FZE |
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Registered Office : |
Al Nakheel, P O
Box: 329218, Ras Al Khaimah |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
21.01.2013 |
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Legal Form : |
Free Zone
Establishment - FZE |
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Line of Business : |
Manufacture of all
grades of copper alloy products and import and distribution of non-ferrous
scrap metals. |
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No. of Employees : |
7 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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, 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.
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Source
: CIA |
SUMMARY
Company Name : ECORE MIDDLE EAST
FZE
Country of Origin : Ras Al
Khaimah, United Arab Emirates
Legal Form : Free
Zone Establishment - FZE
Registration Date : 21st
January 2013
Trade Licence
Number : 5000019
Issued Capital : UAE Dh
100,000
Paid up Capital : UAE Dh
100,000
Total Workforce :
7
Activities :
Manufacture of all grades of copper alloy products and import and
distribution of non-ferrous scrap metals
Financial Condition : Undetermined
Payments :
No Complaints
Person Interviewed : Allan Tan, Managing Director
COMPANY
NAME
ECORE MIDDLE EAST FZE
ADDRESS
Registered & Physical
Address
Location : Al Nakheel
PO Box : 329218
Town : Ras Al Khaimah
Country : United Arab Emirates
Mobile : (971-52) 8393400 / (971-50)
8536199
Email : ecore@ecoregulf.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Ras Al Khaimah.
KEY
PRINCIPALS
Name Nationality Position
·
Allan Tan Chinese
Managing
Director
LEGAL
FORM & OWNERS
Date of Establishment : 21st
January 2013
Legal Form :
Free Zone Establishment -
FZE
Trade Licence No. : 5000019
Issued Capital : UAE Dh 100,000
Paid up Capital : UAE Dh 100,000
Name of Shareholder (s) Percentage
·
Allan Tan 100%
OPERATIONS
Activities: Engaged in the manufacture of all grades of
copper alloy products and import and distribution of non-
ferrous scrap metals.
Import
Countries: Europe and the
Far East
Subject has a
workforce of 7 employees.
FINANCIAL
DATA
Companies registered
in Ras Al Khaimah, United Arab Emirates are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
·
National
Bank of Ras Al Khaimah
NBRAK Building
PO Box: 5300
Ras Al Khaimah
Tel: (971-7) 2221127
Fax: (971-7) 2224202
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.77 |
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1 |
INR 90.58 |
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Euro |
1 |
INR 79.97 |
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UAE DH |
1 |
INR 18.27 |
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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DIV |
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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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.