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Report Date : |
16.11.2013 |
IDENTIFICATION DETAILS
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Name : |
FIBREX INDUSTRIES LLC |
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Registered Office : |
Mussafah Industrial Zone, PO Box: 462, Abu Dhabi |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
12.05.2009 |
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Com. Reg. No.: |
445753 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of construction chemicals, fibre glass cement and
tanks and polystyrene concrete isolators. |
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No. of Employees : |
500 |
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 |
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 |
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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 |
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 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 :
FIBREX INDUSTRIES LLC
Country of Origin :
Abu Dhabi, United Arab Emirates
Legal Form :
Limited Liability Company – LLC
Registration Date :
12th May 2009
Chamber Membership Number :
445753
Issued Capital :
UAE Dh 30,000,000
Paid up Capital :
UAE Dh 30,000,000
Total Workforce :
500
Activities :
Manufacturers of construction chemicals, fibre glass cement and tanks and
polystyrene concrete isolators.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
FIBREX INDUSTRIES LLC
Registered &
Physical Address
Location : Mussafah
Industrial Zone
PO Box : 462
Town : Abu Dhabi
Country : United Arab
Emirates
Telephone : (971-2) 5511462
Facsimile : (971-2)
5513331
Email : pro@fibrex.ae
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Abu Dhabi.
Name Nationality Position
Sofiyan Sobhi Al Saleh Lebanese Managing Director
Saeed Abdullah Al Muhairi Emirati Director
Date of Establishment : 12th
May 2009
Legal Form : Limited Liability Company – LLC
Chamber Mem. No. : 445753
Issued Capital : UAE Dh 30,000,000
Paid up Capital : UAE Dh 30,000,000
Name of
Shareholder (s) Percentage
Saeed Abdullah Al Muhairi 51%
Sofiyan Sobhi Al Saleh 49%
Fibrex Company LLC
Mussafah Industrial Area, Sector MW5, Plot No. 6/7/8 & 9
PO Box: 462
Abu Dhabi
Tel: (971-2) 5511462 / 5554462
Fax: (971-2) 5513331
Mem No. 1515
Activities: Engaged in the manufacture of
construction chemicals, fibre glass cement and tanks and polystyrene concrete
isolators.
Import Countries: Europe
and the Far East.
Subject has a workforce of approximately 500 employees.
Companies registered in Abu Dhabi, 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.
National Bank of Abu Dhabi
Sheikh Khalifa Street
PO Box: 4
Abu Dhabi
Tel: (971-2) 6345777 / 6327113 / 6335262
Fax: (971-2) 6336078
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
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 |
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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 |
|
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 |
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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 |
|
---- |
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.