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Report No. : |
329723 |
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Report Date : |
03.07.2015 |
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) : |
31.12.2014 |
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Date of Incorporation : |
04.11.2000 |
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Com. Reg. No.: |
53759 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of pastries and confectionery. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. 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
and ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 :
Hyder Shareef, Sales Executive
DO FREEZE LLC
Registered &
Physical Address
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
/ 8858331 / 8858332
Facsimile : (971-4)
8858335
Mobile : (971-50) 3469164
Email : dofreeze@emirates.net.ae
/ hyder@dofreeze.com
Please note that subject’s previous address was, Al Aqroubi Complex, Sheikh
Zayed Road, Al Quoz Industrial Area, Dubai.
Premises
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
Hyder Shareef - Sales
Executive
Date of Establishment : 4th
November 2000
Legal Form : Limited Liability
Company - LLC
Commercial Reg. No. : 53759, Dubai
Trade Licence No. : 515557 (Expires
04/12/2015)
Chamber Member No. : 60988
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s) Percentage
Ahmed Abdullah Sayed Yousuf 51%
Amer Fayyaz Ahmed ]
] 49%
Mosbeh Eddine Ahmed ]
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
International Suppliers:
Ovostar Union Ukraine
Coreman Belgium
Brand Names: EURO CAKE, SCHULSTAD, EST UNDLICE 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 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 17,000,000 UAE Dh 17,585,000
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.63.57 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
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-- |
NB |
New Business |
-- |
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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.