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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
CROWN EMIRATES COMPANY LTD |
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Registered Office : |
Sheikh Zayed Road, Roundabout No. 11, Plot No. WWA 160 Jebel Ali Free
Zone P O Box 17030 Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
18.05.1992 |
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Com. Reg. No.: |
1207, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacture of plastic bottles and containers, plastic caps and lids, tin cans and metal caps and seals. |
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No. of Employees : |
320 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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UAE |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UAE - 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 based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 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. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, 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. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
Company Name : CROWN EMIRATES COMPANY LTD
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 18th May 1992
Commercial Registration Number : 1207, Dubai
Trade Licence Number : 8920
Chamber Membership Number : 24047
Issued Capital : UAE Dh 92,500,000
Paid up Capital : UAE Dh 92,500,000
Total Workforce : 320
Activities : Manufacture of plastic bottles and containers, plastic caps and lids, tin cans and metal caps and seals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Rabee Kadi, Finance Manager
CROWN EMIRATES COMPANY LTD
Registered &
Physical Address
Street : Sheikh Zayed
Road, Roundabout No. 11, Plot No. WWA 160
Area : Jebel Ali
Free Zone
PO Box : 17030
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8835452
Facsimile : (971-4)
8835322
Email : sales@crowndxb.com
/ sales@eur.crowncork.com
/ rabee.kadi@eur.crowncork.com
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Jebel Ali Free Zone.
Name Position
· Ziya Uzay Managing
Director
· Ashivin Kuttuwala General
Manager
· Rabee Kadi Finance
Manager
· Samir Hassan Purchase
Manager
· Panikar Buban Sales
Manager
Date of
Establishment : 18th
May 1992
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 1207, Dubai
Trade Licence No. : 8920
Chamber Member No. : 24047
Issued Capital : UAE Dh 92,500,000
Paid up Capital : UAE Dh 92,500,000
Name of
Shareholder (s)
· Emirates Can
Company Limited
British Virgin
Islands
· Ahmad Hamad Al
Qusaibi & Bros Co
Saudi Arabia
· Crown Cork &
Seal Co Inc
One Crown Way
Philadelphia, PA
19154-4599
United States of America
Tel: (1-215) 6985100
Activities: Engaged in the manufacture of plastic bottles and containers, plastic
caps and lids, tin cans and metal
caps and seals.
Import Countries: India and the United States of America
Subject has a workforce of approximately 320 employees.
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.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
Please note that Mr Rabee Kadi, Finance Manager, refused to divulge any
information on the subject.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.54.03 |
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UK Pound |
1 |
Rs.82.43 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.