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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CROWN EMIRATES COMPANY LTD |
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|
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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 |
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Line of Business : |
manufacturer of
aluminium cans. |
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No. of Employees : |
320 (approximately) |
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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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
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 aluminium cans
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Rabee Kaadi, 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
·
Nuvit
Erku General
Manager
·
Rabee
Kaadi Finance
Manager
·
Samir
Hassan Commercial
Manager
·
Adeel
Muneer Assistant
Commercial Manager
·
Mohamed
Yamnar Purchasing
Manager
·
Hani
Mohamed Human
Resources 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) Percentage
·
Crown
Cork & Seal Co Inc 100%
One Crown Way
Philadelphia, PA 19154-4599
United States of America
Tel: (1-215) 6985100
Activities: Engaged in the manufacture of aluminium
cans.
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 Kaadi, 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.