MIRA INFORM REPORT

Report Date :

11.06.2012

IDENTIFICATION DETAILS

Name :	FRIGO GLASS JEBEL ALI FZCO
Formerly Known As :	Jebel Ali Container Glass Factory FZE
Registered Office :	Sheikh Zayed Road, Roundabout No. 7, Plot No. B045R01, Jebel Ali Free Zone, P O Box 61176, Dubai
Country :	United Arab Emirates
Financials (as on) :	31.12.2011
Date of Incorporation :	09.06.1994
Com. Reg. No.:	146353, Dubai
Legal Form :	Free Zone Company
Line of Business :	Manufacture and labelling of glass bottles and containers
No. of Employees :	320

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 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
United Arab Emirates	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 : FRIGO GLASS JEBEL ALI FZCO

Country of Origin : Dubai, United Arab Emirates

Legal Form : Free Zone Company - FZCO

Registration Date : 9^th June 1994

Commercial Registration Number : 146353, Dubai

Trade Licence Number : 979

Chamber Membership Number : 43689

Issued Capital : UAE Dh 133,057,000

Paid up Capital : UAE Dh 133,057,000

Total Workforce : 320

Activities : Manufacture and labelling of glass bottles and containers

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Abdul Hafeez, Finance Manager

COMPANY NAME

FRIGO GLASS JEBEL ALI FZCO

company ADDRESS

Registered & Physical Address

Street : Sheikh Zayed Road, Roundabout No. 7, Plot No. B045R01

Area : Jebel Ali Free Zone

PO Box : 61176

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 8817782

Facsimile : (971-4) 8817783

Mobile : (971-50) 4576185

Email : info@frigoglass.com

Premises

Subject operates from a large suite of offices, a factory and a warehouse that are rented and located in the Jebel Ali Free Zone. Subject’s site covers an area of approximately 80,310 square metres, with just over 30,000 square metres being covered

KEY PRINCIPALS

Name Position

· David Aswen Managing Director

· Abdul Hafeez Finance Manager

· Darren Bennetti Commercial Manager

· Mahmoud Chalabian Plant Manager

LEGAL FORM & OWNERS

Date of Establishment : 9^th June 1994, full business activities began in March 1998

History : Subject was originally established in 1994 under the name of “Jebel Ali Container Glass

Factory FZE” and was wholly owned by Abdul Khaliq Saeed Trading & Industry Ltd.

However in May 2011 the subject was sold to the current owners, Frigo Glass of Greece, who re-registered the subject under the current style of “Frigo Glass Jebel Ali FZCO”.

Legal Form : Free Zone Company - FZCO

Commercial Reg. No. : 146353, Dubai

Trade Licence No. : 979 (Expires 14/03/2013)

Chamber Member No. : 43689

Issued Capital : UAE Dh 133,057,000

Paid up Capital : UAE Dh 133,057,000

Name of Shareholder (s) Percentage

· Frigo Glass 100%

Greece

OPERATIONS

Activities: Engaged in the manufacture and labelling of glass bottles and containers.

Subject obtained the ISO 9001 certificate for the quality of its products in 1999.

Production Capacity: 320 tonnes per day.

Import Countries: Italy, Germany, the Far East and the United States of America

International Clients:

· Pepsi Cola

· Coca Cola

· Canada Dry

· Maaza

· Lion Nathan

· Heinz

Operating Trend: Steady

Subject has a workforce of approximately 320 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/10: Year Ending 31/12/11:

Total Sales UAE Dh 60,000,000 UAE Dh 63,750,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Commercial Bank of Dubai

Jebel Ali Branch

PO Box: 2668

Dubai

Tel: (971-4) 8818882

Fax: (971-4) 8812252

· Banque Du Caire

PO Box: 1502

Dubai

Tel: (971-4) 2715175

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction September 2006 September 2008 April 2010

Amount overdue 0 0 0

Payment terms 60 days 60 days 60 days

Payment Method Letters of Credit Letters of Credit Letters of Credit

Paying record No Complaints No Complaints No Complaints

Currency US Dollars Euros US Dollars

GENERAL COMMENTS

Established in 1994, subject is involved in the manufacture and labelling of glass bottles and containers and deals with a number of reputable international clients.

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.36
UK Pound	1	Rs.85.64
Euro	1	Rs.69.21

INFORMATION DETAILS

Report Prepared by :

MNL

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.