MIRA INFORM REPORT

 

 

 

Report Date :

28.07.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

EMIRATES GLASS LLC (EGL)

 

 

Registered Office :

Plot No. 840B, Sheikh Zayed Road, Al Quoz Industrial Area, P O Box 29769, Dubai

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

28.08.1996

 

 

Com. Reg. No.:

47454, Dubai

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Processors of sheet glass, safety glass and mirrors

 

 

No. of Employees :

200

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

UAE

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

sUMMARY

 

Company Name                                     : EMIRATES GLASS LLC (EGL)

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Limited Liability Company - LLC

Registration Date                                   : 28th August 1996

Commercial Registration Number            : 47454, Dubai

Trade Licence Number                            : 301205

Chamber Membership Number                : 40175

Issued Capital                                        : UAE Dh 26,425,000

Paid up Capital                                      : UAE Dh 26,425,000

Total Workforce                                     : 200

Activities                                               : Processors of sheet glass, safety glass and mirrors.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

EMIRATES GLASS LLC (EGL)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Plot No. 840B

Street               : Sheikh Zayed Road

Area                 : Al Quoz Industrial Area

PO Box             : 29769

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 3471515 / 7094700

Facsimile          : (971-4) 3471440

Email                : emiglass@emirates.net.ae

 

Premises

Subject operates from a suite of offices and a factory, covering 18,000 m2 that are rented and located in the Industrial Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Jeremy Al Gilbert Dowling                              Australian                                  Managing Director

 

·       Ziad Yazbeck                                                       -                                        General Manager

 

·       Hassan Hamadeh                                                 -                                        Sales Manager

 

·       Maya Zouein Towhidi                                            -                                        Marketing Manager

 

·       Rizwan Khan                                                       -                                        Manufacturing Manager

 

·       Rahul Jain                                                           -                                        Projects Manager

 

·       K V Srinivasan                                                     -                                        Financial Controller

 

·       Fadi Michael                                                        -                                        Procurement Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th August 1996

 

Legal Form                  : Limited Liability Company - LLC

 

Commercial Reg. No.  : 47454, Dubai

 

Trade Licence No.       : 301205 (Expires 27th August 2011)

 

Chamber Member No. : 40175

 

Issued Capital              : UAE Dh 26,425,000

 

Paid up Capital            : UAE Dh 26,425,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Dubai Investment PJSC                                                         100%

Dubai

 

 

OPERATIONS

 

Activities:         Engaged in the processing of sheet glass, safety glass and mirrors.

 

EGL buy their requirements of tinted float glass from Europe and North America from Saint-Gobain, Pilkington, Libby-Owens-Ford, Ford Glass and Pittsburg Plate Glass. The clear glass is procured from Gulf Guardian, Saint Gobain and Pilkington.

 

EGL processes the glass by cutting it to size, heat strengthening or tempering it and thereafter applying Solar Control and Low Emissivity coatings through Magnetic Vacuum Sputtering Deposition process, to provide the client with finished glass of their choice of colour and transmissions with corresponding reflective and insulating properties.


The EGL range includes 11 different colour substrates and 11 different coatings with light transmission ranging from 3% to 40% for Solar Control glass and 20% to 73% for Low Emissivity coating.

Import Countries: Europe and GCC countries.

 

Brand Names: EMICOOL

 

Subject has a workforce of 200 employees.

 

 

FINANCIAL DATA

 

Companies registered in Dubai, 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

 

·       Commercial Bank of Dubai

Mankhool Street

PO Box: 2668

Dubai

Tel: (971-4) 3523355

Fax: (971-4) 3527655 / 2524796

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.41

UK Pound

1

Rs.86.93

Euro

1

Rs.68.10

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.