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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GLAVERGULF FZCO |
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|
|
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Registered Office : |
Sheikh Zayed Road,
Jebel Ali Free Zone, PO Box 17430, Dubai |
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|
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Country : |
United Arab
Emirates |
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|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.06.2003 |
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Legal Form : |
Free Zone Company |
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Line of Business : |
Distributors of
aluminium sheets and architectural glass. |
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No. of Employees : |
33 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
United Arab Emirates - 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 UAE 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. The economy is expected to continue a slow rebound. 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 : GLAVERGULF
FZCO
Country of Origin : Dubai,
United Arab Emirates
Legal Form :
Free Zone Company - FZCO
Registration Date : 15th
June 2003
Trade Licence
Number : 3980
Chamber Membership
Number : 88767
Issued Capital : UAE Dh
500,000
Paid up Capital : UAE Dh
500,000
Total Workforce : 33
Activities :
Distributors of aluminium sheets and architectural glass.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Karnakaran Nair Veno, Administration Manager
GLAVERGULF FZCO
Registered & Physical Address
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17430
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8860026
Facsimile : (971-4) 8860025
Mobile : (971-50) 4507794
Email : glavergulf@glavergulf.com / info@glavergulf.com
Premises
Subject operates
from a suite of offices and a warehouse covering an area 10,000 square metres
that are rented and located in the Jebel Ali Free Zone, Dubai.
Name Nationality Position
Ponnarambil Sathiapalan
Govindan Indian Managing
Director
Sandeep Sathiapalan
Ponnarambil Indian Director
Sandhia Sathiapalan Indian Director
Usha Sathiapalan Indian Director
Raef Halawi - Sales
& Marketing Manager
Karnakaran Nair Veno - Administration
Manager
Prabah Ravi - Financial
Controller
Date of
Establishment : 15th June 2003
Legal Form : Free Zone Company - FZCO
Trade Licence
No. : 3980
Chamber Member
No. : 88767
Issued Capital : UAE Dh 500,000
Paid up Capital : UAE Dh 500,000
Name of Shareholder (s) Percentage
Ponnarambil
Sathiapalan Govindan 50%
Sandeep Sathiapalan
Ponnarambil 30%
Sandhia Sathiapalan 10%
Usha Sathiapalan 10%
Gutal Trading LLC
Dubai
Tel: (971-4) 2680477
Activities: Engaged in the import and distribution of
aluminium sheets, architectural glass, including Belgian float glass, coated glass, processed glass and
mirrors to meet the functional and aesthetic requirements of commercial and residential structures.
Import
Countries: Belgium and
Italy
International
Suppliers:
Asashi Glass Corporation Belgium
SAVIO Italy
ALCOA Italy
Operating Trend: Steady
Subject has a
workforce of 33 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
30,000,000 UAE Dh
32,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Karnakaran Nair Veno,
Administration Manager
Mashreq Bank Plc
Deira Branch
PO Box: 1250
Dubai
Tel: (971-4)
2229131 / 2221134
Fax: (971-4)
2233784
No complaints
regarding subject’s payments have been reported.
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.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.