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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
DO FREEZE LLC |
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Registered Office : |
Plot No. 16003, Emirates Road, Food and Beverage Zone, Dubai Industrial
City, PO Box 34255, Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.11.2000 |
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Com. Reg. No.: |
53759, Dubai |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Manufacturers of pastries and confectionery. |
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No. of Employees : |
40 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 :
DO FREEZE LLC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company - LLC
Registration Date :
4th November 2000
Commercial Registration Number :
53759, Dubai
Trade Licence Number :
515557
Chamber Membership Number :
60988
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
40
Activities :
Manufacturers of pastries and confectionery.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ghulam Qassem, Financial Controller
DO FREEZE LLC
Building : Plot No.
16003
Street : Emirates
Road
Area : Food and
Beverage Zone, Dubai Industrial City
PO Box : 34255
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 8858330
Facsimile : (971-4)
8858335
Email : dofreeze@emirates.net.ae
Please note that subject’s previous address was, Al Aqroubi Complex,
Sheikh Zayed Road, Al Quoz Industrial Area, Dubai.
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Dubai.
Name Nationality Position
· Amer Fayyaz Ahmed Pakistani Managing Director
· Mosbeh Eddine
Ahmed Pakistani Director
· Ahmed Abdullah
Sayed Yousuf Emirati Director
· Ghulam Qassem - Financial
Controller
Date of
Establishment : 4th
November 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 53759, Dubai
Trade Licence No. : 515557 (Expires 04/12/2013)
Chamber Member No. : 60988
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Ahmed Abdullah
Sayed Yousuf 51%
· Amer Fayyaz Ahmed ]
]
· Mosbeh Eddine
Ahmed ] 49%
]
· Danish Industrial
Equipment A/S ]
Copenhagen
Denmark
Tel: (45)
75731620
Fax: (45) 75731484
Activities: Engaged in the manufacture of pastries and confectionery.
Dofreeze runs five production lines producing more than 50,000 cakes per
hour, while the newly installed
fully automated frozen dough production line has the capacity to produce
20,000 croissants per hour.
Dofreeze supplies to a wide array of customers in over 35 countries
across five continents.
Import Countries: Europe and GCC countries
Brand Names: EURO CAKE, SCHULSTAD and UNO
Operating Trend: Steady
Subject has a workforce of 40 employees.
Financial highlights provided by local sources are given below:
Currency: United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales UAE
Dh 15,400,000 UAE Dh
16,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Dubai
Baniyas Street
Deira
PO Box: 1709
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.