Dutch East India Company, already active in East and South East Asia since its inception in 1602, defeated the Portuguese to dominate lucrative trade from the Malabar and surrounding areas and established strongholds in the region by 1663. Zamorin of Calicut a powerful regional ruler who had initially welcomed European traders, was the last to enter into trade agreement with the Dutch. A gold foil inscribed in Malayalam, dated to 1691, was a contract between the Zamorin and the Dutch East India company regarding trading privileges accorded to the Company. This initial contract was later updated in 1711 with a silver foil, also in Malayalam. Both the gold foil and the silver foil are now in the collection of the British Library, London.